In most instances, longer compensation schedules result in higher interest rates, but shorter terms with smaller payments may leave you caught with a balloon payment at the end of the term. An SBA 7 mortgage requires a credit score rating of 680 or larger and three years of business history, and the repayment time period is typically 10 to 25 years. Also note that these loans aren’t made by the Small Business Administration itself but by SBA-approved lenders, which can be conventional banks, credit unions, or personal lenders. With potential debtors following the SBA’s guidelines, those lenders have extra faith that loans made to “riskier” parties shall be repaid and are subsequently more inclined to grant them.
Despite struggling setbacks in the course of the pandemic in 2020 and 2021, the industrial real estate trade has a constructive outlook heading into 2022. Although there have been some surprises and overly … Read More