SBA close rate

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by a searcher from Stanford University - Graduate School of Business in San Francisco, CA, USA

2mos ago

SBA close rate

For those who've been through SBA 7(a) closings with ETA-focused lenders: once a credible bank issues a term sheet, what's your experience with close rates? Would you recommend parallel-processing underwriting with multiple lenders? I understand there is generally a ~$1-2K underwriting fee per bank and am willing to absorb that cost for certainty to close. Trying to calibrate how many lenders to run simultaneously. Thank you.

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Reply by a searcher 1mo ago
from University of Pennsylvania in Tucson, AZ, USA

I did this once for a mortgage for my house I regretted it- and got an earful from the lender I didn't go with. That being said, I've heard too many stories of deals not closing at the 11th hour to at least consider it, to the point of your question.

Reply by a lender 1mo ago
from University of Southern California in Los Angeles, California, USA

We are a leading SBA loan broker and 99.1% of the term sheets that our borrowers accept end up getting an approval. We track each lenders close rate and term sheet to approval rate. If you work with good lenders, a parallel process will not be needed.

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