Laundromat Resource Forums Financing Podcast episode with Eastern Funding

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    • #3976

        Listened to the podcast episode with the fellow from Eastern Funding.

        The explanation and outline of typical financing deal structures for land/building including the combination of a SBA 504 loan combined with the finance company loan was helpful. During that interview it was described as good combination for the land/building portion with the finance company/Eastern handling the business or operational portion of the financing separately.

        It was good to hear the numbers, ratios, %, and structure prior to calling to ask the same questions.

      • #18822
        Z Woods

          Searching SBA 504 brought me here.

          I listened to this episode and had a call with Eastern- they are personally looking for 30% cash injection. There are other lenders I am currently speaking with who only require the 10% DP when using an SBA 504.

          Experienced professionals have told me the 504 works best when planning to stay in the loan long term. at 6.1% for 25 years & no refi allowed for 10 years that may not be best.

          I currently have a lender hunting for a fixed rate 7a loan which will allow 5-10% down, 5 year fixed rate, and smaller up front costs compared to the SBA 504.

          Still going through the process but happy to refer folks or answer questions for those that need it.

          • #18838
            Jordan Berry

              This is awesome information. Things have gotten pretty wild since that podcast interview, haha

              • #19190
                Z Woods

                  So wild! I found a 7a lender, now I am running into issues with the seller deducting massive amounts on cost of goods sold. The process continues!

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          Laundromat Resource Forums Financing Podcast episode with Eastern Funding