Quick turnaround time is essential for business owners trying to purchase property in California’s red hot commercial real estate market. In this highly competitive market, a few days can determine whether or not you get the building you want for your business.
Preparation is the key. As the fastest, high-volume SBA 504 lender in Northern California, our approval turnaround time is more than 5 days faster than the national median. We put together the following tips to help make your loan process as fast and efficient as possible.
- Understand the loan criteria: SBA 504 loans are similar to conventional loans in terms of the criteria that are taken into account to determine eligibility, which include the bottom-line cash flow of the business, credit scores, and historical sales. These factors help determine your credit worthiness and your ability to repay a loan from the proceeds of your business.
- Familiarize yourself with the loan application checklist: The SBA’s website includes a tutorial on how to prepare a 504 loan application, with a list of all of the documents you’ll need to complete your loan application, including income tax returns, businesses leases, financial statements, and more. Having all of these documents in order will make the process much easier.
- Estimate your loan payment: Capital Access Group offers a free SBA loan calculator app. This easy-to-use iPhone app allows you to create SBA 504 loan samples in seconds, and email them directly from the app. You can see the web version here, and you can download the free application from the Apple store.
- Prequalify: The best strategy for business owners shopping for a new property is to get prequalified right away. Prequalification gives you an edge over other buyers, and it assures a speedier approval process once you find the ideal building. Capital Access provides free prequalification in 24 hours.
Questions? Visit our website, or give us a call.