Loan Guidelines for Service Business Property Financing
Eligible Property Types:
Businesses which provide a service rather than a tangible product to their customers. Businesses include Hair Salon, Auto Repair shops day-care centers and assisted living facilities.
Loan Size: USDA: $250,000 – $5,000,000
SBA: $250,000 – $5,000,000
Business Credit Loans : $50,000-$5,000,000
Eligible Locations: Nationwide
Loan Term Amortization: USDA: Maximum 30 years
SBA: Maximum 25 years
Business Credit Loans: 30 years
Collateral: First position mortgage as certified by title search and title policy on property. First security interest under UCC-1 on all business assets
is generally required.
Loan Escrows: The borrower may be required to contribute monthly to an escrow account for real estate taxes and property insurance.
Appraisal: Complete summary appraisal required.
Environmental Screen or Phase 1: Required
Eligible Principals: U.S. citizens, or permanent resident aliens. Majority principal
owners cannot be on probation or parole.
Recourse: Every loan will be personally guaranteed by any shareholder with
20% or more ownership in the company.
Medical Offices Hair Salons Auto Repair and Service Daycare and Schools