SBA Lender Recommendation

by a searcher from University of Virginia

4 months ago

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.

1 like
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7 comments

searcher from Hampden-Sydney College

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.

4 months ago | like reply | 0 likes

lender from University of Utah

Have you considered Byline Bank? --@----.com or###-###-####

4 months ago | like reply | 0 likes

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