SBA Lender Recommendation for Growing SaaS Business

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by a searcher from University of Washington
in Redmond, WA, USA

1yr ago

SBA Lender Recommendation for Growing SaaS Business

I want to get a recommendation for a good SBA lender. This is for a software SaaS business priced around $2.6 million. The cash flow is healthy (650k+) and has previously been pre-qualified by an SBA provider. I am looking to shop around for better rates and terms.

Here are a few things that are most important to me:

Avoiding a lien on my house. Collateral should be the business.
Fast and reliable closing

Any recommendations would be greatly appreciated. Thank you in advance!

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reply by a lender 1yr ago
from University of Missouri in Denver, CO, USA

Thank you for the tag ^redacted‌. Hi Sreenath, I'd be happy to take a look if interested. I work for a top 15 nation-wide Bank that is a direct PLP lender. I definitely can commit to executing on closing assuming the deal structure makes sense. As far as a lien on homes, there have been several comments on Search Funder discussing this. There are ways to get around putting a lien on the home (i.e. HELOC to reduce equity below 25%), but at the end of the day if the loan is under-collateralized which it likely would be for a SaaS business and you have >25% equity on your home we would have no choice per SBA to take that as additional collateral. There is likely next to no collateral on this type of business so using the business as collateral doesn't add any value. Reach out here or at redacted if you'd like.

reply by a lender 1yr ago
from University of Missouri in St. Louis, MO, USA

If you are looking to avoid a house pledge, you will likely have to go non-SBA. SAAS lenders can leverage monthly recurring for an acquisition. How much is the monthly recurring revenue?