All Forum Posts by: Taylor Chiu

I'm not an expert, but I'm pretty sure you should submit just one application, no matter how many properties you own.

@David H. Great info! Where can we go to find out when the 10k advance goes live? I guess news outlets might post it if the SBA gives advance notice. But if there isn't advance notice, I'm guessing the SBA site / webinars would be the best place to look?

Thanks Mike,

You are correct, the general calculation is Gross Profit for the year prior / 2 .. i.e. 6 months of gross profit = total loan amount.

The grumblings I have heard are that you can demonstrate through projections and the schedule of liabilities the need for more of a loan. As Rental owners we often try to make the gross profit as close to zero as possible so this 6 month standard method is unattractive.

One big win from the CARES Act is that EIDL loans under $200,000 no longer require a personal guarantee.

Also, if you have already applied for the EIDL, you can still go back and apply for the $10,000 advance grant, which I highly suggest, as it is a grant so it does not need to be paid, and it must be distributed to you in 3 days, regardless of approval. They expect to have this feature live this week. The first 1 million businesses can access this... I expect many more than 1 million will apply so I'd go for this as soon as its live. 

Can you get in line for the 10k advance grant right now, or is it better to wait until that goes live to apply? In other words, will people who apply after it goes live be first in line, or people who applied for the EIDL a week or two ago?

Also, on a different forum I had a commercial lender tell me: 

Is that true? Does that mean we can't apply for the PPP loan (the 10k forgiveable one) yet?

@David H. Thanks so much for all of the info!

Question for you as a SBA lender: 

I'm currently applying for a SBA 504 loan (already applied, but waiting on an appraisal). Will applying for the disaster loan affect my other loan? I just want to make sure that it won't make me look like a riskier applicant for the 504 loan.

@Chris Mason

Think we could see lenders freezing heloc lines again in the near future?

Hey everyone, I'm under contract on an assisted living facility and looking to do an SBA 7a loan.

I've had a lender quote a rate of 4.25% fixed for 5 years on 25 yr amortization. I had been under the impression that the best I could get via SBA was prime + 2%ish. But this lender said the lower rate is possible due to it being a portfolio lender, who won't sell off the loan. 

Is it true that SBA loans can get down into the 4% range? Not complaining by any means, just want to double check before moving forward.

TLDR - That first bid was too high, we have someone finishing up the work now for 13k

@Bill Kramer

Thanks for the reply! Good to hear some perspective that $35 an hour might be too low.

I will take a look at those websites to get a little snapshot on if he is way off target or in the right range.

So we plan to have a set dollar amount. Not paid by the hour. The only reason I bring up the hourly amount is because I am trying to get a sense for if his bid is too high, which it definitely seems to be at the moment.

In the end, I’m sure the best solution will be to get other bids so that we can compare and see what makes sense.

@Account Closed What have you seen is the going rate for general flip contractors (not specialists)?