The Situation: 100% Financing With SBA Loan To Buy Building
A manufacturing company in Utah sought to purchase a building and relocate from their leased space to build up equity in a fixed asset. The borrower was able to purchase the building for no money down and keep the cash in his business, allowing him to increase sales and continue to expand.
The Solution: Competitive-Rate 7(A) SBA Loan From First Business Bank
First Business Bank, an SBA-designated Preferred Lending Partner (PLP), provided an SBA 7(a) loan for $1,900,000, 100% of the purchase price for the commercial real estate, plus loan fees and closing costs.
- Zero Down Payment
This SBA 7(a) loan required no down payment from our client to buy a building for their business.
- Competitive Rate
In an uncertain economy, our client was concerned about getting a competitive rate, which First Business Bank provided with less than full coupon pricing.
- Long Amortization
The 25-year SBA 7(a) loan allows this manufacturing company plenty of time to grow, build revenue, and pay back the loan.