When it comes to securing funding for your business, it’s never too early to be prepared. Particularly If you’re planning to purchase or renovate commercial real estate, the SBA 504 Loan is a tremendous option. The good news is prequalifying can be done before you decide on what the loan will be intended for, and the pre-qualification process costs nothing to do.
But first, what’s it mean to pre-qualify?
Basically, “prequalification” is an assessment done by a CDC (that’d be us at BFC) to confirm the business owner’s purchasing power and lets the business owner know in advance what the loan will look like. Prequalification is not a loan application and there is no obligation or commitment associated with it. It’s simply a great way to get more information about the whole loan process, understand how much your down payment and loan terms will be and what you can/can not afford.
Ok, what’s next?
Prequalification isn’t difficult! It starts with some simple forms, and three years of both business and personal tax returns, interim financials, and a personal financial statement. Typically we can find out if you’re pre-qualified within 24 hours and we’ll guide you along the process from start to finish.
Pre-qualification is a great way to jump-start the SBA 504 Loan process and helps us get to know you better and moves the process along more efficiently. To learn more and/or get started, contact BFC today 1-800-SBA-REAL or email firstname.lastname@example.org today.