Your SBA loan just got denied and you need a Second Chance. Nearly 80% of all initial SBA applications are denied for one reason or another.
We work closely with several funding partners that can assist you in getting the funding you need for your business. If your SBA application has been denied reach out and we can discuss your options. You don’t have to accept being denied.
Below are some subprime SBA loans that one of our trusted partners closed, that were turned down by other SBA lenders, or were thought to be SBA ineligible.
Never accept a denial that your business is not worth a second look. There are many options to get you APPROVED.
$1.58M Engineering Co. — Debt Consolidation – Texas
They provided a 7.5% rate on a 10 year loan, that was 100% Loan-to-Cost, with a $1.45M loan that was used to pay off 7 liens and several costly MCAs.
Barriers that stood in the way of getting this debt consolidation approved included refinancing a $1.11M SBA loan, and limited collateral coverage.
But remember that SBA loans are “story” loans. Some lenders don’t just look at the numbers, they want to see the whole story. And they know how to get these tougher deals done.
$437K Bed & Breakfast — Purchase Loan – Tennessee
They provided a 7.5% rate on a 25 year loan with a 86% Loan-to-Cost, and were able to provide the owners with an additional $100K of working capital.
Barriers that needed to be overcome included a remote location with no brand or flag, and the borrowers lived in the property to boot.
$782K Unbranded Gas Station – Purchase Loan – Delaware
Our Partner provided a 7.5% interest rate on a 25 year loan with a 92% Loan-to-Cost. They were also able to provide $134K of working capital, and another $91K to pay off high-cost debt.
The barriers that had to be overcome included low cash flow, no prior year taxes, and they also had a BK in 2013. Ouch.
But the owner was able to get everything taken care of with this loan and was able to move forward with lower costs and was cash flowing positive.
$200K Plumbing Contractor — Purchase Loan – Idaho
On this one they were able to provide a 7.5% interest rate on a 25 year loan with a 90% Loan-to-Cost, and an additional $34K of working capital.
Barriers to getting this one approved included a rural location, a more recent business start date, declining income, and below average credit.
Our Partner for these lower score and troubled loans is the only company providing subprime SBA loans.
Here are some of their strong points:
- $30K to $20M+ Loan Sizes
- Credit Down to 550
- No or Low Collateral Options
- 10 or 25 Year Amortized Rates at 7.5%
- Unique Businesses or Property
- Financing Barriers OK (past BK/foreclosure, cash-flow, etc.)
Reach out to contact them by clicking below. It only takes a few minutes and won’t affect your credit.
