BigAppleTiger LSU Fan New York City Member since Dec 2008 6108 posts
re: Commercial Business Loans (Posted on 2/21/13 at 5:01 pm to Chad504boy)
I started talks only yesterday with Iberia for a commercial loan of about 700k to 1m for 3 investment/rental properties . I'm handling the inquiries as an equity loan or construction loan (for 1 vacant land lot) because I have that amount of equity in the properties. I hadn't thought about an SBA loan but would be interested to find out. I'll lay that scenario on the loan officer and tell you what I come up with. The intricacies of financing and different available methods are not my strong point, but I keep learning all the time so I'll share.
geauxskeet LSU Fan Member since Oct 2009 193 posts
re: Commercial Business Loans (Posted on 2/21/13 at 9:25 pm to Chad504boy)
not sure about SBA, but we are currently closing a loan for 1.2M 6 years at 3.75% fixed. If you have decent credit, equity and positive cash flow, tell the bank/credit union what you are willing to do(they do have to make money too). They will work with you to get at least close.