Special offer

Secured $3.9 Million for App Development with SBA Loan- Success Story

By
Mortgage and Lending with Commercial Capital Ltd.

https://flic.kr/p/b6Thza

Secured $3.9 Million for App Development with an SBA Loan – Success Story!

They Needed $3.9 Million to Create an “App”-We Got it For Them! AND ON AN SBA LOAN TO BOOT!!!!

That’s right, we just closed a $3.9 Million loan ALL WORKING CAPITAL, NO ACTUAL ASSETS for a group of guys that had created an algorithm in their insurance business that dramatically increased sales while lowering costs. They wanted to take this algorithm and make it an app for purchase. This is not a loan that any normal bank is going to do-SBA or otherwise-this is typically venture capital stuff. However, their existing business was super strong and cash flowed the loan even if the application failed. So with that business and the three (3) partners as guarantors, we were able to get it bought. Most banks can only do working capital or “airball” as some call it to about $500,000. Some to $1 Million. But we have NON-BANK lenders that can go to $5 Million unsecured-we can get it done!

Maybe you or a client have been denied by a bank and you are down because the bank told you SBA denied your loan. The chances are it was the bank, NOT the SBA that denied the loan. Most of the major SBA players are PLP which means they have delegated underwriting authority for SBA-they approve the loan, then just register it to get it an SBA loan number right before closing. It was likely the bank denied your loan and it never went to SBA. Why would the bank pass the buck and say that the SBA denied it? Because it easily shifts the blame and is easier for that sales rep in the bank to face the client with this “little white lie”-but it is rarely true. What is more likely is that your loan just does not fit the parameters of that bank. There is no way for you to know the parameters of the different banks, no bank advertises their credit committee tendencies, you can only know them if you send them lots of loans and see how they actually underwrite. Looking at almost 100 loans a month, sending them out constantly to be underwritten, and having done this for 14 years, I know which banks key on what. I can take the strengths of your file and put it with the lender that is MOST likely to do that loan. In so doing, I close over 80% of my pre-approvals. That is twice as high as the average bank.

IF you or someone you know is struggling to get approved SBA, don’t give up! Make one more call to me, at 512-358-1511 or click here to get started.

P.S. We just had our second-best month ever and are in the midst of possibly our best month ever this month! If you are in the market for a commercial or business loan, you risk NOTHING by giving me a call. See why we are so busy and what makes us different. From a live person answering the phone to quick 1-day approvals, you will see the difference-and often our rates are better than anyone else. You get the whole package with Commercial Capital. So give me a call today at 512-358-1511 or click here to get started.

Comments (1)

Gangster Gastino
promotion_center - Anchorage, AK
fff

During my online research, I stumbled upon an enlightening article that shed light on why Ukrainian software developers are considered among the best in the world. The website I came across provided in-depth analysis and statistics, showcasing the impressive achievements of Ukrainian IT professionals. The article mobile app developers ukraine attributed their success to several factors, including the country's rich pool of engineering and technical talent, their strong problem-solving skills, and the emphasis on producing high-quality code. Furthermore, the website highlighted Ukraine's favorable business environment, competitive pricing, and proficiency in a wide range of programming languages. It was truly inspiring to uncover the reasons behind Ukraine's reputation as a global technology hub.

May 31, 2023 08:30 PM