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7(a) SBA program

Small Business LoanPurpose:

For purchase of Gas Station, Car Wash, Franchise Restaurant, Liquor Store, Dry Cleaner, Pharmacy, Medical Practice, Grocery Market, Coin Laundry.

Brand name gas station : ARCO , Chevron, Texaco, Mobil / Exxon, Union 76, Valero , Shell,

Collateral:

SBA business only (without property)

 

UCC filing: On all business and personal assets until loan is secured 100%

Loan size $200,000 to $5,000,000

Term: Up to 10 year fully amortized

Index: Wall street journal prime rate plus a margin

LTV: Up to 65% financing for qualifying transactions

DCR: Minimum 1.20

Recourse: Personal guarantee by all principals on SBA loan

Pre-payment: None

Occupancy Requirement: 100% must be owner occupied

Pre-approval:

Will be determined upon receiving of appropriate documents:There year business and personal tax returns, including personal financial Statements, loan application, escrow instruction.

All financing is subject to credit approval, other restriction may apply. Small Business Loan qualification requires owners to be U.S. citizens or permanent resident.

A 7(a) guaranteed loan is actually a lender approved and funded loan by participant qualified lender, guaranteed by SBA, and subject to regulations, policies, procedures and eligibility requirements. Even though commonly called an Small Business Loan, it is actually a lenders loan with an SBA guarantee.