SBA loan for assisted living
Hi there everyone, I’m getting into the Assisted living realm and wanted to know if anyone has ever used a government funded SBA loan or using a commercial loan for that business. My partner and I are in research mode now but plan to take action by the end of the year. Thank you for yall time!🙏🏿
@Oliver Lee hiya!
We have looked into it just briefly, but we haven't used an SBA loan. They key there is either to have really tight historical breakdown or be able to demonstrate what it is going to be. SBA likes the numbers to be a sure thing. REALLY great product when it is though! Better rates and lower money down. So it might be best when purchasing an existing business that is performing and did good bookkeeping. That last part always seems like the hardest.
You could also consider a portfolio or investor loan type product from a local bank or DCSR lender and use that for the property while you build up the business and refi to SBA later. The really challenging part is getting the loan on the business - I don't have experience with that but building a network so hopefully I can connect you with someone soon.