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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-$10,000,000


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

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