SBA loan help - Senior living community

[Robert G.]

Hi everyone, first post here!! Here is my question...

Myself and three others are looking to purchase a senior living community (assisted living) w/ a SBA loan. One of the parties (Nancy) owns and operates one on the other side of the country. We have the 10% down for an SBA loan. Before myself and my other two partners approach Nancy, we want to do our homework.

-Should we find our senior living community before applying for our SBA loan?

-Will there be any hangups if there are four separate investors involved? (we are all good friends)

Any help is appreciated!!