How many SBA 7(a) offers should I get?

November 14, 2024

by a searcher from Pepperdine University - Graziadio School of Business and Management in Denver, CO, USA

I have strong reservations about banks, largely due to my understanding of the Creature from Jekyll Island.

That said, I want to secure the best rate possible, and time is on my side. With the Fed likely to lower interest rates in December, and the seller not in a rush to close, I have some flexibility. I like what Live Oak is offering but need to explore additional options. Since there’s no immediate pressure to close the deal, I can take a bit more time to find the best terms.

How many offers should I get?

Reply by a lender
from University of Southern California in Los Angeles, CA, USA

I’m a SBA loan broker and I can help you get the best rate. If you’re interested in learning more, feel free to reach out for an introductory call here: https://cal.com/ishan-jetley-3d73m8/30min or visit our website: https://gosbaloans.com/business-acquisition/. We can get you introduced to 5 of the lenders best suited to your deal. The average borrower saves 0.5% on their rate.

Reply by an investor
from McGill University in San Diego, CA, USA

I think Sean's advice is sage. Shop around. But as you do so, you may want to also consider personal fit and the banker's experience as well (have they invested in your industry before? are they a preferred. SBA lender? can you do bolt ons? will the bank sell your loan? etc). The rate is important, but folks like Bruce Marks and Lisa Forrest have seen thousands of deals. Their feedback and counsel is extremely valuable (saying nothing about their massive rolodex).

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