What a Potential Real Estate Borrower Will Need for a SBA 7(a) Loan?
These loans will usually be available to small business owners who have a personal credit score of 680 at the least, whose businesses have been in operation for over four years, and who have annual revenue of more than $180,000.
The CDC/504 SBA loan program will use your real estate purchase itself as collateral, but the 7(a) program may need your personal and business assets in that stead. That is because it is not only for real estate, as mentioned in the first line of this post.
To apply for this form of real estate loan, you will have to compile and furnish the things mentioned below.
- Voided business check
- Driver’s license
- Balance sheet
- Bank statements
- Profit and loss statements
- Personal tax returns
- Business tax returns
- Business debt schedule
- Business Plan
- Valuation document of any other business collateral
- Real estate appraisal document
You may have to provide other forms and documents such as SBA Form 912 or Form 1919. Keep in mind that in some cases, your financial documents should also show you have to make an SBA loan down payment. However, generally, the aforementioned ones are what you will have to give for these loans.