So, I found a business for sale that strongly piqued mine and Mrs CCU’s interest. It fell into our purview quite accidentally. I was looking something else up, and there it was.
Anyway, I have a couple of questions, maybe more as time goes.
Have any of you used this type of loan? If you did, how did it go for you?
Were you able to add this business to your portfolio?
Not even close, and not for years.
CCU, I wish I could help you and it seems nobody on here has used it.
I came close once with my business where we were looking to acquire a building and rehab. But I was able to get a better rate at a different bank from the one that dealt with SBA 7(a) loans. The same bank that did better than SBA also gave me a reasonably generous line of credit, so I didn’t need the 7(a) for that either.
Thank you for the feedback.
The info you gave is also food for thought.
Thank you again.
The advantage I had was that the bank that did the loan in the end was a smaller regional bank where I had developed a fairly long relationship.
Maybe you have something along those lines you can leverage?
There is a regional bank that we’ve been with since we moved here. I’ll chat with them. Perhaps they have a solution.