Purchase Driven Business for Loan Officers from Samuel Scott Financial Group
Small Business Administration loans are effectively designed for the startup companies that are unable to possess collateral in order to get qualified for any type of fund. While these loans are not given by the US Small Business Administration, it sets effective guidelines for their approval. Plus, it does not give loans to the borrowers directly. They allow different banks as well as private lenders to prove money under the specifications set by this organization. This article will highlight on different types of loans that are offered by this organization and it will also throw light on their unique terms and features.
Standard 7 (A)
It is used for multiple business activities such as working capital, purchase of devices or properties, acquisition of business and so on. The maximum amount is nearly five million dollars and there is no minimum amount set for it. This organization has set up a guideline of twenty five years of loan maturity for commercial property while it has set up ten years of maturity period for purchase of equipment. For capital investment, it is fixed for more than six years.
7 (A) Express
A major drawback of standard 7 (A) offered by the organization is that the process of application is slow and complex. With the objective of resolving this type of problem, the Small Business Administration offers 7 (A) Express that offers a guarantee of fast and effective reply within thirty six hours of its application.
The Small Business Administration offers specific eligibility criteria for the people who want to get qualified for 7 (a) loans. Those who want to qualify for them should be able to demonstrate their need for them and they should be able to use financial resources before looking for financial support. Plus, they should use them for different types for business activities.
CDC/ 504 funds
It is designed for capital investment in property, devices and other relevant things. According to the guidelines offered by the organization, it is used for buying land, making improvement in the existing facilities, buying long term devices or machines. It is used for completion of public development projects, improvement of productivity or competitiveness and other purposes. The term of its maturity is set for ten or twenty years.
This type of Small Business Administration loan is available for the small and medium sized businesses, renters, house owners and private organizations. You can use it to repair, or even replace personal properties, devices, inventory and other damaged items. The application process is simple since you have the scope to apply for it through internet. Plus, you can also send your application form through postal mail. The repayment terms seem to be quite generous and it can even extend up to thirty years on the basis of capacity to repay it.
Miner Capital Funding, LLC is one of the popular finance companies that offer commercial real estate bridge loans to the customers. Are you looking for commercial real estate loan brokers? Contact Miner Capital Funding for all kinds of assistance. One of the providers of small business loans, Miner Capital is expert in offering conventional, SBA bank loans and hard money to numerous clients in USA.
With the refinance business slowing down so quickly, many originators that were use to a steady stream of production are wondering how to fill their pipelines back up. Since being founded in 2006, Samuel Scott has closed nearly 80% purchase business every single month. Right now we have a number of real estate offices and brokerages that want to work with our Mortgage Advisors. And, because of our firm commitment to deliver first class service, we would like to hire 2-3 new loan originators to help us manage the incoming business and call on our real estate offices.
Learn more at: www.SamuelScottFG.com/MA
Contact us at 858.259.6070 or info@SamuelScottFG.com to arrange an interview.