Your SBA loan just got denied and you need a Second Chance. Nearly 90% 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.
There are other SBA Lending Banks and Non-Bank Lenders that are willing to stretch a little more in underwriting your loan to make it work
Below are some subprime SBA loans one of our trusted partners closed that were turned down by other SBA lenders or were thought to be SBA ineligible.
$1.58M Engineering Co. — Debt Consolidation – Texas
Our Partner provided an interest rate of 7.5% with a 10 year fixed amortization with a 100% Loan-to-Cost, and provided $1.58M to pay off 7 liens and costly MCAs that were zapping their cash flow.
The barriers to get this one approved included refinancing a $1.11M SBA loan, and had limited collateral coverage.
$437K Bed & Breakfast — Purchase Loan – Tennessee
They provided a 7.5% interest rate with a 25 year amortization loan that has a 86% Loan-to-Cost, and were able to provide $100K of working capital.
Underwriting issues included a remote location, no brand or flag, and the borrowers lived in the property.
$782K Unbranded Gas Station – Purchase Loan – Delaware
Our Partner provided a 7.5% interest rate on a 25 year loan having a 92% Loan-to-Cost.
$134K of working capital was available to be provided, and an additional $91K was used to pay off high-cost debt.
Approval barriers included low cash-flow, no current income taxes, and a 2013 BK.
$200K Plumbing Contractor — Purchase Loan – Idaho
Our borrowers were provided a 7.5% interest rate with a 25 year term, had a 90% Loan-to-Cost and was able to receive $34K of working capital.
Approval issues for this deal included a rural location, a more recent business start date, business also had declining income, coupled with below average credit.
They are the only company offering subprime SBA loans.
Here are the highlights of the Program they provide:
- $30K to $25M+ Loan Sizes
- Credit Down to 600
- Monthly Loan Payments
- No or Low Collateral Options in Many Cases
- 10 to 30 Year Amortized Rates at 6.0%
- Unique Businesses or Property
- Unrestricted Working Capital Available
- Financing Barriers OK (past BK/foreclosure, cash-flow, etc.)
We look forward to hearing from you — feel free to apply here (it takes only a few minutes and it won’t affect your credit). You can also email us with your contact information and we can discuss. Or click below to get the process started.
