The loan came in over Thanksgiving break for our private money fund. My underwriter went on vacation in Florida and could not get to it until Monday, Nov. 27th. It was an SBA BRIDGE LOAN, our specialty in our private fund, and the request was for 90% LTV. We closed the loan in eight (8) days but we could have closed it in five (5). The title took five (5) days to get to us because of a glitch in their system. Within two (2) days of getting the title, we had the closing package and the money to the closing agent. That’s fast and at 90%!!!!
Some may say why would a bridge fund go to 90%...no one does that. But I do a TON of SBA loans and I underwrite the exit strategy. IF I KNOW I can refinance the loan in six (6) months, to me it is no risk. We have NEVER had a default and never even really had a slow pay. It’s a perfect loan for us. The borrower was an insurance agent, with a growing income and he wanted to buy a property for his business. He got a loan commitment from an SBA lender but they could not close until he got his permits from the city for the interior changes (no walls moving, just cosmetic yet you STILL need permits-crazy). Many cities can take 4-5 months just for such permits and many sellers won’t wait that long….enter our fund. We closed the loan at 90% matching his SBA approval. Seller and Realtors got paid, my borrower got his property and now he has time to work through the grind of government permits. They eventually always issue them, it is just a time-consuming hassle. He now has time.
As we head into next year, the marketplace still favors SBA loans as many businesses are doing well and expanding, buying out partners, and buying properties. Our bridge to SBA products can be a way to get more closings. Our process is quick.
As we go into next year, there are certainly a lot of headwinds, but there were a lot of headwinds heading into this year as well. Many of these headwinds are the same ones we have had all year. Yet many businesses are still doing well, and as long as that is the case, there is a place for SBA loans. There are still dreamers and doers…..the dreamers are the architects of the future…we are here to help them make that vision a reality. IF you or someone you know needs private money or an SBA Loan, PLEASE GIVE ME A CALL at 512-354-5949 or go here to get started.
Karen Schimpf
(512)-359-358-1511
[email protected]
www.ApplyCommercialLoans.com
Give me a CALL TODAY at 512-358-1511 or get started by filling out this form!
P.S. We don’t know what next year brings, we really don’t. Anyone who says they know is selling you something. But we can look at what is happening right now, and look at our businesses right now, and determine at least one (1) thing to change to do better next year. To me, it will be reaching out quarterly to the people who have sent me deals that have closed and seeing how I can help their business. It is one simple thing that I can do, (while continuing to do what is working right now), to grow my business next year. What one thing can you do? Spend some time thinking about that between now and the end of the year. Then DO IT! Have a blessed week!
PS PS: We have partnered with a credit card processing company that allows you to eliminate 50% of your processing fees. We can help you schedule a five minute conversation with the Credit Card Processing Consultant to see if they can save you 50%. Give us a call today at 512-358-1511 or go here to get started.
https://flic.kr/p/Pa9v6g
