Advance payment: Like a 7(a) loan, the SBA requires at least a 10% equity to put toward the down payment for a 504 loan. In most scenarios, the down payment will be 10-20%.
Personal guarantees: SBA loans require a http://servicecashadvance.com/title-loans-wa personal guarantee from individuals who own 20% or more of the business applying for the loan.
Selecting the most appropriate bank: Again, it’s best to work with an SBA-preferred lender who can help you decide if a 7(a) or 504 loan will work for you. Continue reading “Funding amounts vary per mortgage but could depend on $15 mil”