What is Closing Now? SBA Alternative Loans
A few weeks back I talked about the SBA Alternative Loans CONVENTIONALthat could go up to 85% LTV with rates in the 3's. Well, last week I closed two of them…here are the details…
$1.4 Million purchase of Retail Warehouse
Location: Atlanta
Story: Super neat couple started a tee shirt business that took off after one of their videos went viral on Tik Tok. Unable to meet demand, they had to expand to a much larger facility. The deal came to me because after two months the SBA came back and said they were growing too fast and were afraid they could not sustain it. The Realtor called me and they were running out of time. They signed up with me on 9/22 and I got to work. We got a commitment on 9/28 and they signed the commitment letter on 9/29 and we closed on 10/18. LESS THAN 30 DAYS FROM SIGNING ON TO CLOSING! A 10 year fixed rate of 3.8% on an 85% loan amount of $1,195,000. The client had been quoted a floating SBA rate of 5.75% so he got a MUCH better-fixed rate-WOW! I went to the closing and everyone was ecstatic…it was great!
$640,000 Purchase of Office/Warehouse With Some Land
Location: Atlanta
Story: The Realtor called me frantic, the loan had been in process for 2 months with another SBA source and they just found out it would be another couple of months. The contract expired in less than that. He called me frantic and I went to work. The loan looked good and I put out our preapproval on 9/21 which he signed immediately. I went to work. We got a commitment letter 5 days later and closed the loan on 10/19-JUST 29 DAYS! The same 85% loan amount and same 3.8% 10 years fixed rate (20-year amortization).
This product is available in over 20 states. It is a CRAZY good product. AND NO CROSS COLLATERAL LIENS ON THEIR PRIMARY RESIDENCES-JUST ON THE SUBJECT PROPERTY-HUGE!
If you have someone who owns a business and they are looking to buy you OWE it to yourself to give me a call and see if I can pre-qualify them. The call is free, and it really is a game-changer Call Karen at 512-650-8630 today or get started by filling out this form!
Karen Schimpf
Commercial Capital LTD
(512)-650-8630
karenschimpf at gmail.com
Give me a CALL TODAY at 512-650-8630 or get started by filling out this form!