Happy Monday! What rates and down payment requirement are you seeing on term sheets?
Looking for some comps for a $4M-5M acquisition and any lender you would recommend for low rates on the SBA 7a.
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These newcomers often based their term sheets on the broker listing summary or broker recast of financials without diving into the crucial IRS-filed tax returns—the real basis for any bank's approval.
Shopping for a change of business ownership loan project based on these superficial term sheets is like gambling on a random spin of the wheel, hoping for favorable numbers without any solid foundation.
True, term sheets often serve as mere enticements, lacking in real substance. To truly understand what's on the table, one must demand and work with the hard facts, far beyond what any initial term sheet might suggest.
Not all SBA lenders are created equal for many reasons. There are trusted ones who take their craft seriously with pride. As a business acquisition loan consultant, I wouldn't ask these partners of mine for any early terms or interest rate until we have sufficient factual data on both the buyer and the subject business that the underwriters will review and opine.