First time self-funded searcher

searcher profile

August 02, 2024

by a searcher from University of Pennsylvania - The Wharton School in San Francisco, CA 94128, USA

Can anyone share your experience of obtaining SBA loan if you’ve done it - which bank do you use and how long does it take to close?

Im looking into medspa specifically between $1M-$4M listings and I’ve heard some brokers said they have SBA lenders pre-approved for the business.

Can anyone shed some light on how does it work? For the first time self-funded searcher, it seems most lender would treat you as an ‘entrepreneur’ and the lendable amount is basically your income. Is this aligning with your experiences?

Would Appreciate some pointers. Thanks!

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commentor profile
Reply by a lender
from Eastern Illinois University in 900 E Diehl Rd, Naperville, IL 60563, USA
Welcome to Searchfunder and congratulations on starting your search. There is a lot to unpack here as it relates to securing an SBA 7A loan for a business acquisition. I would be more than happy to jump on a call to discuss options with you. We are a Commercial Loan Brokerage shop with over 500 funding partners and over 80 SBA funding partners. We help clients get pre-approved and secure the right financing for their acquisition. You can reach me here or directly at redacted
commentor profile
Reply by a searcher
from University of Maryland at College Park in Annapolis, MD, USA
I would suggest looking through this forum or getting referrals for lenders and getting on an informational call with them. Each bank will have their own lending thesis/mandate and their own process. I started this way and spoke to 6-7 lenders to learn before selecting the lender I felt would be most likely to get my deal closed. Good luck!
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