Small Business Loans: The Dirty Little Secret and ...
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keep the good work up.
VideoGameCoupons 1 month ago
Agreed. Thanks. There is a place for both programs in CRE lending but the customer should definitely be informed on both programs to make the selection based on their particular business needs. I'll check out your website for your contact info.
SBALENDER 8 months ago
@SBALENDER Message me offline and I'll help you get your 504 construction loans done. You're a rarity in not getting compensated based on the size of the loan your bank funds. If a deal is outside of our local area, we can't bank them anway... we'd just want to do their commercial real estate loan, so we're not a threat to you and your bank.
churn123 8 months ago
@SBALENDER I don't think it's exactly civil to keep up some of the comments I've been slandered with. You were at least decent with your comments and seemed to want a genuine dialogue. Keeping up comments presumably from other lenders like, "You're a F@#$%^& P@#$%!" and "___ is the BEST SBA LENDER!" and "You SUCK!" aren't exactly appropriate IMHO. So yes, there's transparency that fosters discussion and then there are idiots that should be "censured." Surely, you agree?
churn123 8 months ago
told they would only do it 7a. I think the 504 needs to be a firm commitment to take out the interim loan. Why can't SBA remove the material adverse change rule? I do four 504 RE loans for every one 7a RE loan but the customer chooses what they want and why. I am not compensated based on premium, I just want to have a satisfied customer who will bank with me for life. If you do just the interim loan, what fee and rate is charged? We don't charge a fee on the interim loan, can you match?
SBALENDER 8 months ago
Yeah I created this user ID to comment on your video....sorry I'm not the CEO of my company and am not supposed to be commenting on these types of things but I had to respond. Also - you "think you will leave my comments up", wow, that is very courageous of you to be censoring comments...aren't you doing what you are accusing lenders of doing by not giving all info? The construction issue is real when getting a loan approved. I had a 504 loan I presented turned down by the Board and was
SBALENDER 8 months ago
Shameful is the SBA lender who willingly deceives one of America's small business owners in order to pad their pockets even more. If a lender presents all 3 options and the business owner choices a 7(a) for their commercial real estate loan, then God bless them... but at least they had the choice. My video demostrated, painfully for some lenders, that having a choice isn't usually available for a businss owner. Do right by your client and profits will come. Don't, and risk being exposed.
churn123 8 months ago
On your last critique: I am a HUGE fan of 7a loans, BUT used for the right purpose. Commerical R/E loans shouldn't be one of them. Our comments come as 7(a) lenders are now asking for more $ from Congress. What remains unsaid is that this issue (using 7a loans for R/E instead of 504, in order to make more $ on the secondary market, & thereby providing an inferior loan product to a business owner) has eaten up a LOT of the 7a's "allocation." So the shame lies with those who aren't transparent.
churn123 8 months ago
The "dealing with only one lender" critique is silly. CDCs don't take long to underwrite any more and the documentation is typically emailed. You'll recall that I didn't call-out any one lender (though I could) for this type of abuse of authority. My overall wish is that small business owners be presented with all of their lending choices, not just the 2 that normally occurs. This has been going on for years -- I think it was time that someone finally said something. 7a loans are great for w/c
churn123 8 months ago
Ah, the old "construction" excuse... yes, it is true that regulators are not exactly fond of bankers doing much in the way of commercial construction lending right now. That's why we created a separate website just for SBA 504 interim loans -- to work with our banking brethren to provide the bridge (interim) loan even in cases of construction. So, that isn't really a reason NOT to be transparent with a small business owner about their loan options.
churn123 8 months ago