All Forum Posts by: Darryl Dahlen

Let's say you have experience that is relevant to an ALF, an SBA loan is more than likely your best bet.

Hypothetically, you'll need a minimum credit score of 650 (680 is better), and about 25% to put down (at least 10% of that must be your money as seller 2nds are allowed).

The SBA looks at your last years tax returns as well as the past 3 years of the business (if existing).

When it comes to financing these properties they typically fall under SBA, USDA B&I, or HUD loans.

SBA- This program is for owner-occupied properties. These loans are recourse so your experience, and credit score, are of prime consideration in the underwriting process. Still, the terms are good, and you can use SBA loans for working capital, equipment, and for the purchase of real estate.

USDA B&I- This program is good for facilities located in more rural settings. Job creation/retention makes a difference with this program and leased properties will not qualify. Experience matters here too, but a borrower can obtain good terms with this loan as well. The good thing about this program is a borrower can use it for investment properties.

HUD- This loan is better suited for larger projects (2M and up). Fantastic terms, but not a cheap loan to obtain. Still, this is one of the only non-recourse loans left. Experience is a definite must since the loan amount typically means the facilities are fairly large. Most often a management company is in play due to the number of beds.

There is your quick snapshot of the 3 primary means of financing these facilities.

Wow, just looked at your website after reading Bryan's comment.

Are those the properties you've been rehabbing? Those are some nice homes you have there!

That is a great story! Congrats to you and Vikram for being a success and may it only continue to grow

Happy Birthday to BP and a job well done by Josh!

I belong to a few real estate forums and I can safely say that the quality of content, and of the posters, is far away the best here.

The fact that you take suggestions, ask for input, and generally care about what we think is in part what is making BP a success.

Here's to the next 6 years!

It really is great that you are asking for input as to how to make the site better. Your work is to be commended, and I am very impressed with your dedication to make this site better.

We really should be the ones thanking you.

As an afterthought, I do like the recent discussion list. It is a good way of seeing what has been recently posted, and allows us to see posts we might not normally see, thus encouraging posting.

Eh, I don't know if I like the changes. As mentioned, the text is a lot smaller now. Especially, in the reply box.

My biggest gripe is that it appears to be much harder to see what is going on here now. With so many forum topics/sub-topics, I used to like to quickly check several forums to see if there was any new posts/replies. The old format made that easy to do.

After spending some time trying to adjust to this new format, to me, it takes more time to go through all of the forums I used to visit just to see if there has been any recent activity. I would think this would make people browse less forums instead of more.

A board should be easy to navigate AND easy to view recent activity. I think the new format has made both of those harder.

Just my .02

Just a quick update regarding the legislation.

A reconciled bill passed the House today so this bill is almost certain to become reality. The president is expected to sign it into law no later than sometime next week.

So, until the end of the year or until $505 million has been spoken for, the loan limits will be increased on the 7a and 504 programs, and the SBA fees waived.

Will do. I appreciate the responses.