Who:
1. Borrower owns and manages a banquet facility
2. Borrower has owned this business for five years
3. Borrower business income meets all loan requirements
4. Borrower has middle credit score of 635
Property Type:
1. Mixed Use – Residential & Retail
2. Three apartments on the 2nd Floor
Business on the 1st Floor
Basement is finished and used by the Business
3. FMV $2,200,000 MTG $1,600,000
What:
1. Note of current lender is now due for pay off
2. Borrower wants conventional rates and terms
Where: Memphis, TN
When: Standard SBA Loan closing time is 45 – 60 days
How:
1. Borrower has exhausted his conventional and non-conforming
loan options
2. Lenders had issues with:
a) Open floor plan of the first floor
b) Location of the property
c) Credit scores of the Borrower
Decision: Eligible for SBA Loan
Why:
1. SBA Lender has no minimum credit score requirements
2. Business had required net cash flow
3. SBA Lender underwrote the loan based on the business
nature of the property and qualifying appraisal
4. SBA Loan requirement is the business must use 51% of the
building’s square footage
Eligibility Cure:
1. Use of the basement added the necessary square footage to
business usage for the 51% square footage requirement to be
met
Call or email Joel Soforenko and go over your Loan Scenario
Tel: 617-336-3215 x 5 or joel@continental.finance