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Updated over 6 years ago on . Most recent reply

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David Avetisyan
  • Rental Property Investor
  • Glendale, CA
334
Votes |
685
Posts

SBA Loan Questions

David Avetisyan
  • Rental Property Investor
  • Glendale, CA
Posted

Looking at purchasing real estate + business and I have questions regarding an SBA loan. 

The subject business has been leased out to a 3rd party and is currently being foreclosed on by the landlord. Upon foreclosure I am looking to open escrow to purchase from landlord.

I called a few community banks for an SBA loan and they claimed that tax returns were needed for the past 2 years to proceed with the loan, but with an uncooperative tenant that is being foreclosed on, I don't think that's happening.

Can someone educate me how difficult it is to purchase without tax returns, and if I have other - feasible - options I can explore to make this deal happen. 

Purchase price is 1 mil + and it would be hard to qualify for a commercial loan. 

Look forward to the responses  

Most Popular Reply

User Stats

1,453
Posts
1,550
Votes
Alex Craig
  • Real Estate Professional
  • Memphis, TN
1,550
Votes |
1,453
Posts
Alex Craig
  • Real Estate Professional
  • Memphis, TN
Replied
I am getting a 1 million dollar SBA loan to open a restaurant and the process is grueling. I would think it would be impossible to get a SBA loan without returns. I seriously think they are going to ask me for DNA next.
  • Alex Craig
  • 901-848-9028

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