SBA 7a Refi suggestions?

searcher profile

May 16, 2019

by a searcher from Northwestern University - Kellogg School of Management in Los Gatos, CA, USA

I’ve got an SBA 7a loan I’m 2 years into (8 yrs remaining on P&I loan at 7.75%) with balance of 650k and LTV of well below 30%. Lender has over $2m of real estate tied up and a PG. They won’t release the collateral even though we’ve massively delevered. Wondering if anyone has refi suggestions. Thanks!

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commentor profile
Reply by a lender
from Marquette University in St. Petersburg, FL, USA
If you have the ability to repay over a shorter term, then your business may be a good candidate to refinance the loan conventionally at this point. I’d agree with the suggestion to start with a local bank if your original lender cannot provide the financing.
commentor profile
Reply by a searcher
from The University of Chicago in Chicago, IL, United States
I'd start first with local banks and see if they would be interested in writing the loan. If you've paid off 70% of the loan in that amount of time I'm sure they will take that into consideration.
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