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SBA Programs

 

SBA 7(a) and 7(a) Small Loan Advantage Programs

Purpose:

Owner Occupied Real Estate acquisition, expansion, construction, refinance, business buyout, working capital and machinery & equipment purchase.

Loan Amount:

7(a) loans from $50,000 to $5,000,000; SBA 7(a) Small Loans from $10,000 to $350,000

Interest Rate:

Floating rate, up to 2.75% over WSJ prime, adjusted quarterly.

Term:

Up to 25 years, fully amortizing

Prepayment Penalty:

No prepayment penalty on loans with terms less than 15 years. Prepayment penalty for 15 years or more is 5%, 3%, & 1 %, respectively for the first three years.

Fee:

One time SBA guarantee fee plus lender packaging fee.

Collateral Position:

Mortgage on business real estate, machinery and equipment, secondary collateral, UCC filings

Recourse:

Full guarantee of all principals

Equity Requirement:

Minimum 10% for qualifying applicants.

Debt Service Ratio:

Applicant’s debt service coverage ratio exceeds 1:1 on a historical or projected cash flow basis.

Financial Data:

Business:Three years of tax returns and financial statements (if available). Two years of projections.

Personal: Three years of tax returns and current financial statements of owners with 20% or more ownership.

Third Party Reports:

Appraisal and environmental report when applicable


SBA 504 Loan

Purpose:

Purchase of Real Estate or fixed assets of a capital nature

Loan Amount:

Up to $12,000,000 – First Mortgage Loan is approximately 50% of total project costs; 2nd mortgage /SBA Debenture is 30-40% of total project costs; and owner’s equity injection is 10-20% of total project costs.

Interest Rate:

Fixed: FHLB* plus spread          Variable: WSJ prime plus spread  
*Federal Home Loan Bank Rate.

Term:

Up to 20 years, fully amortizing

Prepayment Penalty:

Declining Scale

Fee:

Minimum 1% origination fee plus customary closing costs

Collateral Position:

1st and 2nd Mortgages/Deeds of Trust; additional collateral as required

Recourse:

Full guarantee of all principals

LTV:

Generally up to 90% of commercial real estate value

Financial Data: 

Business: Three years of tax returns and financial statements (if available). Two years of projections.

Personal: Three years of tax returns and current financial statements of owners with 20% or more ownership.

Third Party Reports:

Appraisal and environmental reports


Talk to us about your needs, click here to have a personal loan officer contact you.

Download the SBA Loan application.
Bring to your local branch, mail or fax to Customer Service Center at 908-730-0265

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