SBA Loan w/ Huntington Bank

August 05, 2024

by a searcher from University of Utah in Salt Lake City, UT, USA

Has anyone gotten an SBA loan from Huntington Bank? (I am sure lots of people as they are one of the top SBA lenders in the country)
Just want feedback
I have compared 5 different lenders and am thinking of selecting Huntington Bank.
1-how did it go overall
2-did you get a express LOC how quickly after closing were you able to access it?
3- how quick from you select them to closing did it take roughly?
4-Any crazy curveballs I should be prepared for?

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Reply by a searcher
from University of World Economy and Diplomacy in Chicago, IL, USA

I have done a loan with Huntington, but at the time I didn't have an option to consider other banks for similar loans. In my mind, it depends on the relationship banker you are working with. There were delays in the process from earlier estimates to close, but in the end managed to get it done. Overall, fine experience, but I would be up to test other preferred lenders, where applicable. I think I learned is that, besides the SBA requirements, the banks put their own policy/processes on the SBA loans they underwrite (e.g., insurance requirements are strict on smaller amount loans even though SBA requires that same level of strict policy on much larger loan base, etc.) So, it might be a good idea to compare banks from the specifics of each deal type. Feel free to DM me if I can be of more help sharing thoughts.

Reply by a lender
from University of Missouri in Denver, CO, USA

I am an SBA lender with Cadence Bank. It sounds like you already have some good options but would be happy to have a quick conversation if you would like to see if it could be a fit. I pride myself on our execution of closing. Interest rate is important as are other deal metrics, but at the end of the day I have seen many Banks deliver promises and not follow through. In my mind, executing the loan to closing is the most important factor in M&A deals that are usually time-sensitive.

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