SBA Loans & Commercial Loan Financing For Business
Purchases Priced Between $400,000 And $5,000,000

SBA Loan Financing - Ideas For Getting SBA Loans Faster!

Everyone has heard how long SBA loans can take to get completed. What people don't realize it is not the SBA that should take the blame for this, but rather lenders, financial institutions, borrowers, and owner/sellers should all bear the blame on most deals for dragging out. Our office does many SBA loans and commercial financing for business purchases every week and we see the same problems come up time and time again. Hopefully the points below will help you get your financing done more effectively and professionally!

What You Should Do To Get A Better Loan Faster: Be Prepared - If you are buying a business, professional practice, or franchise, make sure you are prepared before you start the loan process. Have your paperwork ready to go i.e. 3 years of personal tax returns, a resume, etc. Understand what you have to work with - financing wise - get a TOTAL Pre-Qualification and utilize this information while searching to purchase a business.

Pick The Right Company/Lender - Big word of advice here - ALL SBA LENDERS ARE DIFFERENT in their criteria for financing when it comes to business purchases. They all tend to like different types of industries, sizes, and deal structures. They all have different underwriting criteria, different loan packages, and other important factors that can and do change throughout the year. It is best to work with a company like ours who represents multiple lenders in this specialty and who knows what each lender wants in each loan/deal presented.

Follow Up/Be Motivated - Make sure your accessible to all people in the lending process, the underwriter, processor, etc. When they call you make sure you get back to them ASAP. Make sure all contacts in the financing process have your cell phone, email, work phone, home phone, etc.

Be Flexible - Sometimes as your deal progresses through the buying stages, sellers may want to change terms, buyers may want new items in the contract etc. If changes are made to the deal you will need to be flexible with the lender - since they will probably want to adjust terms and conditions based on your changes. Just know that if you or someone in the deal does make changes it may affect the terms, conditions, and timing of the loan being completed.

Don't Go At It Alone - Financing is usually a big part of any business purchase. If you select the wrong lender or lender representative/salesperson etc. it could derail the deal if they take too much time, or change the terms of the loan without warning in the last hours of the transaction. Since most owner/sellers usually have backup buyers and don't have the patience for delays in the financing process, they will usually kill the deal if you or the lender you have selected is not acting professionally to get the deal done.

It is best to work with a specialty SBA loan intermediary firm like ours which has established contacts and working relationships with some of the best and most professional financial institutions that specialize in this type of business purchase financing! The key to successful business purchase financing is finding the right lender/financial institution that will do the deal professionally, and quickly (so you don't lose the deal), and staying tight in the process so the deal can close without complications.

© Peter Siegel, MBA - All Rights Reserved

http://www.BizBuyFinancing.com

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About The Author: Peter Siegel, MBA is the President of BizBuyFinancing. Established since 1991, BizBuyFinancing specializes in obtaining SBA Loans & Conventional financing nationwide for the purchase of small to mid-sized businesses. Loan sizes range from $400K to $5M. More SBA loan tips and information can be read on their SBA Loan - Business Purchase Financing Blog. For more information call BizBuyFinancing at 800-801-4413 or see their website at www.BizBuyFinancing.com

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