I learned something today. A $1.1 million commercial loan on an assisted living facility was entered into C-Loans.com this afternoon. With a hope and a prayer, I forwarded the loan application by hand to one of our SBA lenders, even though the borrower didn't specifically ask for an SBA loan.
Not surprisingly, my lender emailed me back several hours later. "Sorry, but we can't do this deal."
I then wrote back to him, "Because its an assisted living facility, right?" I figured that since the SBA won't guaranty loans on apartment buildings, the SBA wouldn't finance assisted living facilities either.
I was wrong. The SBA will, in fact, guaranty loans on assisted living facilities!!! Huh, I learn something new every day.
"No, he replied. "As an SBA lender, we CAN finance assisted living facilities. The problem in this case was that the borrower wanted the loan proceeds to make some investments (speculations), and he also wanted a line of credit. The SBA does not guaranty lines of credit or money to be used for investment; other than in the company.
I often hear borrowers say, "I applied for an SBA loan, but I was turned down. ABC Bank didn't like my property. I guess I'll have to get a far-more-expensive conventional loan."
No, no, no. SBA lenders have to retain a substantial portion of every SBA loan that they originate; and while one SBA lender might reject an otherwise qualified loan (still gotta be 51% owner-occupied, etc.), another SBA lender might happily jump on the deal.
Eeuuu. That was random.
C-Loans.com has over 200 SBA lenders. If you take four minutes to fill out our online application form, you can instantly submit the deal to all 200 of our SBA lenders, six at a time, until one of them says yes.
Listen to this: I live in some rolling hills surrounding a beautiful lake. Lots of houses on the hillsides can look down into the yards of their neighbors. Sadly a hillside homeowner reported this week that a hawk swooped down and grabbed his neighbor's cute little Bichon puppy. The hawk obviously killed and ate the puppy. :-(
This has been a bad month for animals around Geist Reservoir in Indianapolis. A pack of coyotes killed two full-grown Golden Retrievers in another neighbor's backyard. The dogs were barely alive when the owners returned, and they had been bitten so often that they died at the vet. [Sob] My son, Tom, has a beautiful, one-year-old Golden Retriever. That dog is soooo sweet and loving. I couldn't imagine if that had been his beloved Bernie.
Indiana teems with water, and therefore it teems with lush-green trees and wildlife. A black mink (ferocious, 2.5 pound fighters) often runs through our yard. There were three deer in my yard tonight. Last year, across from Tom's house, my wife and I spotted a whole family of foxes. They are pretty animals, but Tom has chickens. Yikes.
Are you and your spouse on NextDoor.com? I love that site. Whole neighborhoods can share tips and juicy gossip. Plus NextDoor.com is 100% free. Just like C-Loans.com and Ajox.