To SBA or Not SBA
The owner acquired the business last year, nothing else has changed about the business-very profitable.
What is send him to ALT LENDING?
Owners with ___% ownership are required to be on the application
What is 20% ownership?
The SBA interest rate is pegged to
What is the WSJ Prime Rate? This is a VARIABLE rate
Fastest SBA funded
When is 7 days?
Main point of contact during the SBA process
Who are the Relationship Managers?
I own 80% of the business(US Citizen) and my partner owns 20%(Non citizen or perm resident)
What is send them to ALT LENDING?
Documents required for cash flow submit
What are signed credit authorization, 6 months of business bank statements, 2 years of PTR, 2 years BTR, YTD Profit and Loss, signed debt schedule, and SBA Questionnaire?
Whole lotta debt but a whole lotta revenue...Global Debt Coverage Ratio must still be at least...
What is 1.25?
What are the names and roles of the SBA team?
Who are Sarah, Ariana, Erika (RMs) and Derek and Michael (CAs)?
I don't know where my SBA is at in the process, I wonder where or how I can find out
What is check the RM Notes in SBA Opportunity in Salesforce?
Heyyy I'm looking to use the SBA to refinance my 6.75% APR equipment loans!!
What is an ineligible debt?
AFFILIATES!! More docs are needed...
What are the most recent business tax returns, profit and loss, and debt schedule for each business?
Bankruptcy waiting period
When is 36 months?
Just got an SBA but I want another one, I have to wait how long?
When is 90 days/3 months?
Looks like the owner is MIA, what can I(AE) do to help out?
What is check the RM Notes?
Possible scenarios: owner is on vacation, we are waiting on docs, the bank, IRS, etc.
Jerry B. owns a business but committed a crime in the past....what 3 crimes would automatically disqualify him
What are crimes against children, the elderly, or financial fraud?
Tax season is over and business/owner still hasn't filed, we need to collect...
What are YTD profit and loss, most recent full year profit and loss, and tax forms 7004 and 4868 (Official proof of extension)?
Yay! I saw the bank handoff email, average funding time
When is an average of 5-10 business days?
This is when hard inquiries are done
When is at the time of bank handoff?
My borrower reached out while in the SBA process asking for alt lending!!
What is tell the RM asap?
An owner with 700 FICO and a profitable business is trying to buy land/building and another business to expand
What is ineligible use of proceeds?
Others include partner buyout, fund a new business, pay off personal debts or taxes, capital investments
The 4 categories of documents the RMs collect
What are business financials, insurances for the business, verification of business location, proper business licenses
3 fees associated with the SBA
What are application fee (1-2%), closing cost ($300-2,000), and guarantee fee (1.75-2.25%, waived until Sept 2022)?
Minimum SBA qualifiers (5)
What are 650 credit score, 150 SBSS score, 2 years TIB, 100k annual revenue, and PROFITABILITY?
OnDeck came back with a 250k 1.2 18m offer but the RM just got the file. What to do....
What is tell the RM asap?
Hold off pitching alt deals before letting the RM know.