Автор: With SBA business acquisition loans from $150,000 to $5 million, and online pre-qualification with no credit check, YourSBA.com is best for buying a salon.
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No broker or origination fees
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SBA acquisition loans from $150k to $5 million
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Business owners can be pre-qualified without a hard credit check, so your credit score isn’t affected by applying.
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Business owners must have a minimum of $70,000 cash for a down payment
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Online lender, no physical location to visit
Buying an existing salon can come with a high price tag, which will typically impact the origination and broker fees you’ll be charged. YourSBA.com fixes this problem by not charging origination or broker fees, making them our best option for buying a salon.
Pre-qualifying online puts your loan request with lenders ready to serve you and increases your approval chances, making it a good choice for someone applying for a business loan for the first time.
Like other SBA loans, YourSBA.com offers longer terms and lower rates than non-SBA loan products, and they are approved for business acquisitions. Loans can also be used for business expansion, new construction, the purchase of land or buildings, as well as buying inventory, equipment, machinery, furniture, fixtures, supplies, and materials. This makes YourSBA.com the right choice for those looking to buy and build out an existing salon.
It can also be used for working capital, a partner buyout, debt financing, and franchise financing. The term length for equipment, refinance, or business acquisition is 10 years, and for buying real estate, you can qualify for up to 25 years.
There is no down payment required for a business expansion or a working capital loan; however, you’ll need to put down $70,000 in liquid cash to purchase a business. YourSBA.com can offer large loans for those needing it for acquisition with amounts ranging from $150,000 to $5 million.
YourSBA.com can pre-qualify you quickly, and the underwriting process for the SBA 7(a) loan takes between 45 and 90 days. There are no set credit score minimums for the SBA program because your credit character, in other words, your full credit profile, is more important.
Other business requirements include:
- Must be a legal U.S. business
- Must have positive cash flow for the last two years
- If no cash flow or no positive cash flow, the loan will be considered a “projection” loan or “startup” loan and require a 30% down payment
The maximum allowable interest rate is The Wall Street Journal prime rate plus 2.75%.
