SBA Financing

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by a searcher from Hofstra University - Frank G. Zarb School of Business
in Miami, FL, USA

3mos ago

SBA Financing

Hello Searchers, I am trying to figure out if I can use HELOC proceeds from personal and investment properties as funds towards the 5-10% down needed for a SBA 7a. What about post closing liquidity requirements? Also, anyone work with Viso to obtain an SBA 7a? They are a lending broker and get paid by the lender at closing. Can anyone shed some color on this? Thank you! Regards, Veeno S

1 Like

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reply by a searcher 3mos ago
from University of Texas at Austin in Austin, TX, USA

You can do it, and I am doing something similar with an asset backed line of credit, BUT to avoid piercing the corporate veil (and thereby opening up yourself to potential personal liability, especially with your personal home if its in your name) my accountant and attorney both recommended having a loan doc in place, from yourself to your entity, and never missing a payment. I literally created an amortization schedule for myself with a monthly payment schedule I thought I could keep. I will always make those payments, and keep enough in my business account to cover a few months in the future, though i is my goal to make additional principal payments in good months.

reply by a lender 3mos ago
from Youngstown State University in Pinehurst, NC, USA

Hello. We work with SBA lenders every day, including on deals where buyers use HELOC proceeds for the equity injection. We help structure the deal so it fits SBA rules, make sure the liquidity story is strong enough, and match buyers with lenders who are comfortable with this setup. If you want to sanity check your numbers, i.e. HELOC amount, liquidity, deal size—I’m happy to take a look and point you in the right direction.