You know that undeniable feeling of elation when your favorite team wins the game at the final buzzer with an unbelievable shot? Through countless hours of practice and experience athletes possess the skills to hit those tough shots when the pressure is on. SBA Capital recently had one of those moments. Our clients can rely on our skills and decades of experience to to come up with a game-winning strategy, even if it’s a glorious half-court shot at the buzzer.
We recently ran into a couple of road-blocks while trying to close an SBA 7a ground up car wash construction and permanent loan due to routine issues not yet resolved with architectural drawings and construction budget, Easements, Phase 1, and permits. Per the land purchase Agreement, the borrower had to close on the land but unable to do so due to these outstanding issues. The borrower would lose $140,000 invested in earnest money, architectural and engineering design, appraisals, and environmental reports if unable to close the land plus a terrific car wash site that would be hard to replace.
SBA-Capital was able to arrange creative conventional financing that allowed our borrower to close the land contract and avoid losing his $140,000 and secure his site. All the outstanding issues will be resolved within 90 days allowing the SBA 7a construction and permanent loan to close and pay off the short time land financing. What could have been a disaster turned into a positive situation for the Borrower and his dream car wash investment!
Countless quality SBA loans fail to close each year due to the Borrower not having time to resolve routine issues as described above. Working with Hershel, an experienced SBA lender, gives you access to his playbook for a smooth loan process, and the reassurance that if you need it he is there at the buzzer with that half-court shot.
Irene and I had the pleasure and joy of having met most of the SBA-Capital team and worked with their seasoned professionals to close our complicated loan transaction, Hershel and his team are expert SBA lenders in their respective fields and we will treasure what they did for us the rest of our lives. – Ken Eckenroth 4-7-18