Laundromat Resource › Forums › Financing › VA SBA LOAN
-
AuthorPosts
-
-
August 5, 2021 at 5:13 pm #6551
I am new to this and trying to absorb as much information as possible. I am in central FL and many laundromats are around the $250k and up price range. My wife and I have no debt other than our home which is modest. If we make around 150-200k a year together and have 800 plus credit, how hard would a VA SBA loan be to get? Any idea on the range of interest rates? We are hoping to have about $100k saved up within the next year. I would rather use as much of the bank’s leverage as possible to keep cash on hand for growing the business, emergency fund, repairs, and general peace of mind until I get the hang of the business. If anyone has any insight or recommended companies I would love to hear about them. Or if you have any other VA programs that I may take advantage of.
Thank you all so much. -
September 12, 2021 at 11:30 am #6845
I don’t have experience with a VA SBA loan. But I do with SBA loans in general. Interest rates are usually really good with SBA and can be fixed rates also. My latest we had a rate in the low 4% range fixed with no balloon payments and no further requalifying at 7 to 10 year increments which is common. We did have real estate included with this. Down payments with SBA can be anywhere from 10% to 25% depending on the situation. Conventional laundromat loans would require 30% down and could be an adjustable rate.
Eastern funding does laundromat loans and SBA loans. Many local banks will have a commercial division that handle business loans also, including SBA.
-
September 12, 2021 at 11:31 am #6846
I should mention that the SBA has high origination fees in their loans but I believe that the quality of their product makes it worth it.
-
September 28, 2021 at 11:20 am #7010
I have the same kind of question. Should I start searching for laundromats or secure funding first?
-
-
AuthorPosts
You must be logged in to reply to this topic.
Laundromat Resource › Forums › Financing › VA SBA LOAN