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what is typical amount of time to close an SBA loan for a commercial building?

by mcorazzi661 from Las Vegas, Nevada. Aug 7th 2017 Reply


Joseph Parker (Josephparker)
#25 ranked lender in Nevada - 7 contributions

90 Days - though can be shorter - usually longer if anything.

Aug 7th 2017
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William J Acres (William_Acres)
#1 ranked lender in Arizona - 7,862 contributions

More info needed, but in general.. you cannot use an SBA loan to purchase a commercial building.. SBA loans are for the purchase of a business.. if by purchasing the business, you have to buy the building as well, then it's allowed.. but otherwise, SBA is not used for the acquisition of real property only.. This all being said, SBA loans can take from 4 to 5 months to as much as a year to close.. If you are only purchasing a building, and not a business, then you can use commercial financing.. for permanent commercial financing, it can take 4 to 8 months.. For most sellers, they will not take the property off the market for that long while you try to obtain financing,,,, this is why most buyers will use bridge financing for the acquisition, which can close in 30 days or less. and then once they own it.. they apply for permanent financing. I'm a preferred Lender with California and Arizona being my primary markets. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com NMLS# 226347 / RPM Mortgage NMLS 1541014 / AZMB0121893

Aug 7th 2017
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