EMERGENCY SITUATION 1st Time Commercial Deal

4 Replies

we need help after a year trying to get into commercial,

we're running out of time in contract on an office warehouse

condo and have gone through 1000s of pages of paperwork

with a CDC/SBA/Bank and received contingent approval,

but got a screen-out on a SBA 504 resetting the clock.

we're running out of time asking for a 2nd extension,

offered our earnest money and trying to figure out

how to close this deal in 3 days or less than 3 weeks

if the extension is accepted?

any advice is appreciated,

John

Updated 5 months ago

UPDATE!!! the credit union offer to bridge the SBA delay with a secured savings account that will get freed up after SBA approval comes in probably after escrow closes so it looks like the credit union saved the deal!!!

What's the real details?

What's the purchase price?

What's the loan amount?

What's the location?

How much down payment?

Appraisal done? If so what's the value?

Owner occupied or investment?

@John Acheson ..would be asking similar questions to what Chris asked, and more but at least I'm in CA, and somewhat in your neck of the woods.  Need full details if you guys have been trying to go SBA.  Sounds like you need private/hard money to step in and help close.  PM me.

THANKS for the Qs but at this point,

the SBA assistant director and

director are on it :)

The credit union has also offered

a conventional pivot to 25% down

vs 10% on the 504 with no points

and a very low interest rate so

at this point we're looking for

SBA advice not really hard money.

Any SBA 504 experts out there?

What's the real details?

it took 200 days to double close

What's the purchase price?

$585K we did 10% down

What's the loan amount?

50% CU 4% 1st, 40% SBA 3% 2nd

What's the location?

Petaluma Business Park

How much down payment?

10% + double closing costs

Appraisal done? If so what's the value?

same as purchase price it costs $3K!!!

Owner occupied or investment?

OO by two small businesses
required to take 51% or more,

but we're talking to HOA about

"building a wall" LOL