How Do I Get Started?
Every loan is different and times may vary, but here are the steps to getting your loan approved and closed.
STEP 1
Contact Capital Partners
Speak to a Business Development Officer (BDO) to discuss your project for an initial screening to determine loan eligibility. If eligible, our BDO will contact your lender of choice, or assist you in finding a participating lender that will work with us in the SBA 504 loan process.
STEP 2
Loan Application
You will receive a checklist of items needed for the Lender and Capital Partners to underwrite and approve your loan. Upon receipt of all checklist items, both the Lender and Capital Partners will underwrite your loan request.
STEP 3
SBA Decisioning – Typically 1 Week
The loan package is sent electronically to the SBA and depending on the current loan volume, it will typically be processed in 5 – 7 days. However, SBA processing times vary greatly from week to week depending on nationwide SBA 504 loan volume.
LOAN CLOSING
Purchase with No Renovations or Heavy Equipment Purchases
Upon SBA approval Capital Partners will provide you with a commitment letter and collect a 1% loan deposit to move forward.
The loan will be forwarded to a Certified SBA 504 Closing Attorney who will, together with the Capital Partners’ Closing Coordinator, provide a checklist of items needed to close the loan. Upon receipt of all items required for closing, the 504 loan will either be closed simultaneously OR in conjunction with the bank financing.
The bank will close a First Mortgage Loan and an Interim Bridge loan to fully fund the purchase of Real Estate and/or Equipment. The Bridge loan will be paid off directly by the SBA when the SBA debenture pool is sold, and the loan is funded. The SBA debenture funding process ranges from 31 to 59 days after closing (this is the interim loan period).
The loan will be forwarded to a Certified SBA 504 Closing Attorney who will, together with the Capital Partners’ Closing Coordinator, provide a checklist of items needed to close the loan. Upon receipt of all items required for closing, the 504 loan will either be closed simultaneously OR in conjunction with the bank financing.
The bank will close a First Mortgage Loan and an Interim Bridge loan to fully fund the purchase of Real Estate and/or Equipment. The Bridge loan will be paid off directly by the SBA when the SBA debenture pool is sold, and the loan is funded. The SBA debenture funding process ranges from 31 to 59 days after closing (this is the interim loan period).
LOAN CLOSING
Purchase with Construction or Renovations
Upon SBA approval Capital Partners will provide you with a commitment letter and collect a loan deposit to move forward.
The bank will close a First Mortgage Loan and a Second Mortgage Bridge loan, or in some cases a single construction loan to fully fund the purchase, construction, or renovation of the real estate.
Upon the completion of the project and the issuance of a certificate of occupancy (if required), the loan will be forwarded to a Certified SBA 504 Closing Attorney who will together with Capital Partners’ Closing Coordinator provide a checklist of items needed to close the loan. Upon receipt of all items required for closing, the 504 loan will be closed and submitted for funding. The Bridge loan will be paid off directly by the SBA when the SBA debenture pool is sold and the loan is funded. The SBA debenture funding process ranges from 31 to 59 days after closing (this is the interim loan period).
The bank will close a First Mortgage Loan and a Second Mortgage Bridge loan, or in some cases a single construction loan to fully fund the purchase, construction, or renovation of the real estate.
Upon the completion of the project and the issuance of a certificate of occupancy (if required), the loan will be forwarded to a Certified SBA 504 Closing Attorney who will together with Capital Partners’ Closing Coordinator provide a checklist of items needed to close the loan. Upon receipt of all items required for closing, the 504 loan will be closed and submitted for funding. The Bridge loan will be paid off directly by the SBA when the SBA debenture pool is sold and the loan is funded. The SBA debenture funding process ranges from 31 to 59 days after closing (this is the interim loan period).
OUR MISSION