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Sep 25, 2024
5:57
:46
pm
BYUfan92
All-American
SBA had a 3 year penalty, conventional has 5. Haven’t seen the paperwork yet
Because they’re just telling me this over the phone but haven’t sent any official approval letter for me to review.
Update - they got rate down to 5.7 percent and waived origination fee.
This message has been modified
Originally posted on Sep 25, 2024 at 5:57:46pm
Message modified by BYUfan92 on Sep 25, 2024 at 7:01:27pm
Message modified by BYUfan92 on Sep 25, 2024 at 7:39:26pm
Message modified by BYUfan92 on Sep 26, 2024 at 12:06:31pm
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BYUfan92
Previous username
BlueMan
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BYUfan92
Joined
Jul 17, 2002
Last login
Sep 26, 2024
Total posts
35,702 (422 FO)
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Messages
Author
Time
You banker/finance type guys - is this legit?
BYUfan92
Sep 25, 7:53am
SBA 7A cuts off at $15 MM Net Worth for the borrower. So, you probably are
Gentleman Stan
Sep 25, 7:58am
But really, the bank can make all the difference with an SBA loan.
Gentleman Stan
Sep 25, 7:59am
Probably right, poor for Cb! As far as SBA, not even in the 15 mill stratosphere
BYUfan92
Sep 25, 8:04am
apply for a 7a loan from a bank that specializes in small business lending.
BYUinTX
Sep 25, 7:59am
In your opinion is a 7A much better than a fixed conventional? Both were at 6%
BYUfan92
Sep 25, 8:06am
You may still qualify for SBA loan but the bank likely found a buyer for your
Bushmaster
Sep 25, 8:32am
Interesting, thanks. Prepayment penalty on a conventional of 5 years is a thing
BYUfan92
Sep 25, 8:43am
SBA also typically has a prepayment penalty. In this environment I can see why
Socrates Johnson
Sep 25, 3:20pm
SBA had a 3 year penalty, conventional has 5. Haven’t seen the paperwork yet
BYUfan92
Sep 25, 5:57pm
If they are offering a conventional loan with identical or close terms, take it
Socrates Johnson
Sep 25, 3:19pm
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