ThinkSBA
ThinkSBA is a Nationwide SBA 504 and 7a Loan Brokerage serving small business and entrepreneurs purchasing owner occupied real estate, acquiring a business or franchise or buying out a partner.
Form 159 November 1st, 2018 the SBA combined SBA Form 159(7a) and SBA Form 159(504) into one form known simply as Form 159. Form 159 requires applicants to disclose services and fees charged by an Agent hired in connection with applying for an SBA loan whether a 7(a) or 504. The purpose of this form …
My SBA Loan Pro Form 2202 must be completed on behalf of the subject business requesting the loan and all affiliate businesses. Affiliate businesses are defined by the SBA as any business owned 51% or more by a 20% or more owner of the subject business. Schedule of Liabilities Form 2202 documents the subject business …
SBA Loan Form 912 The SBA Statement of Personal History Form 912 must be completed by everyone who answers yes to questions 18 or 19 on SBA 7(a) Borrower Information Form 1919, Section II: Principal Information. These questions ask whether the individual principal applying has been arrested within the last six months or whether they …
The SBA 7(a) Borrower Information Form 1919 is required to be completed by every individual with 20% or more ownership in the applicant business entity whether applying for an SBA 7a or 504 loan. Completing this form is not complicated but there are a few things that are important to know. First, the form consists …
The Personal Financial Statement, often referred to as a PFS for short, is one of the most important documents to the loan application. The PFS must be completed by all individuals who own 20% or more of the borrowing entity and is to include all personal assets, liabilities, annual income and debt obligations. I want …
Different Types of Lenders The answer is no, not all SBA lenders are created equal. That’s because each lender applies the Small Business Administration’s Standard Operating Procedures manual, also referred to as the SOP, differently. For example, some lenders have developed internal lending policies that are more stringent than the SOP. These lenders favor prime …
Non-Bank Lenders An SBA non-bank lender is a financial institution that does not accept customer deposits. Their sole reason for existing is to lend money to eligible small businesses in their community. On the other hand, a bank is a financial institution that solicits monetary deposits from their customers and in turn loans these funds …
Purchasing commercial real estate for your small business is complicated. There are many things to know before beginning the process to help you reach your goals without making any major mistakes. The first thing you need to know is there are landmines every where and if one or more of these landmines blow up it …
Who Is Required To Guaranty SBA Loan It’s important to understand that the applicant or borrower of an SBA guaranteed loan is the business, not the individual owners of the business. Therefore, the business is primarily responsible to pay back the loan which is why this repayment source is referred to as the primary source …
Purchasing commercial real estate for your small business is complicated. There are many things to know before beginning the process. The first thing you need to know is there are landmines every where and if one or more of them detonate it can be disastrous for you, your partners, shareholders and employees and ultimately for …
Need To Pledge Personal Residence Not every individual obtaining an SBA guaranteed loan is required to offer their personal residence or any other real estate owned as collateral. However, banks, credit unions and non-bank lenders are required by the SBA’s Standard Operating Procedure manual to take the applicants personal residence or other real estate owned …
What if I told you that your spouse may be the key to unlocking an approval for an SBA guaranteed loan? Could this be true? Why yes it is true, let me explain… Credit Analysis When lenders analyze an applicant’s ability to repay a requested loan, their number one objective is to identify the primary …
