SBA Lender Recommendation

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March 14, 2024

by a searcher from University of Virginia in Bristol, TN, USA

Just wanted to mention that I have been really impressed with how responsive American Momentum Bank has been in the SBA lending process. I've received a term sheet back from them before the other banks I've been talking to have reviewed my materials. Lots of questions raised around key issues initially as well in order to have certainty around an initial green light.

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Reply by a searcher
from University of Maryland at College Park in Forest Hill, MD, USA
Live Oak brings their “A” game. Happy to share contacts if you wish.
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Reply by a searcher
from Hampden in Atlanta, GA, USA
I'd make sure you have 5 banks in the beginning. 2 will drop out or stop responding, and you'll be left with 3 still in the running, and likely get 2 proposals. Don't just go with 1 bank, no matter what they say. I'd also be up front about how their bank underwriting looks at your specific industry. For instance, Live Oak took losses on landscaping companies in the###-###-#### cycle, so they don't really "like" them and thus place higher covenants/expectations on that industry. Each bank has its own personality. Do you DD on your lender as well, just like you will with your prospect.
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