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I was looking at a 7A Loan
The maximum is 5 Million
Business Currently has aprox 1 Million in revenue - and has a building assessed at about 5 million. Looking to buy the building and takeover the business with a new business plan. Personal income is under 100K - was hoping to look at options or hear of some banks that lend based on BUSINESS cash flow with anticipated changes the cash flow will increase 5X
Yes they do. Contact your commercial bank. You will need projected financial statements (balance sheets, income statements & cashflows) with notes and assumptions for a 3 year period, along w/ 3 yrs of business and individual tax returns and a personal financial statement. Contact your accountant and they should be able to walk you through this process and put a financing package together for you.
The SBA will for sure.
SBA loans are pretty easy to get for commercial property. All you need is a debt/cash flow ratio of 1.10 - 1.20 depending on the bank.
So for simple numbers, if your yearly commercial mortage + taxes + insurance wouldn't be $100,000 they'll want to see $110,000 - $120,000 in EBITAR. The R in EBITAR is the current rent you are paying.
Also, the SBA 504 is much better for commercial real estate.