New SOP Resource Center

To assist our lending partners with the new SOP (Standard Operating Procedures), we have added an SOP Resource Center to our web site with details on the appraisal and environmental requirements as well as other helpful information. Additionally, you are always welcome to call us with any questions at 800-305-0504

Closing Tip

The bank’s first trust loan amount must exactly match the amount shown in our Authorization (commitment letter). Often, bankers round the number up or down, which then requires that we process an amendment with SBA so that the amended Authorization and the bank’s loan match exactly. Also, when project costs change, we find that bankers often round their loan amount up or down. We then process a second amendment to match the bank amount. We’ll try to communicate with you to assure that we are in agreement so that we can avoid any delays while SBA reviews change requests!

Back To School Supply Drive

BFG and our staff worked to provide area children with back to school supplies. Our principal effort focused on a local shelter where abused women and their children are provided a safe haven. The moms have more than financial problems to solve, and the school supplies helped a number of children start the school year off ready to learn. Additionally, we assisted a single mother to outfit her high school age daughter for the big first day back to school. It was a rewarding experience for all – and we hope the children will fare better academically!

Wall Street Journal Touts 504

Click here to view the article, “Businesses Find Cheap Capital in SBA Mortgages,” which sites numerous benefits to using the 504 program. In addition to reviewing the advantages of the 504 loan – up to 90% financing including hard and soft costs; long term; and below market rates – the article explains that with tightening credit standards at banks, small business owners looking to capitalize on lower commercial property costs should investigate the benefits of 504 financing. We couldn’t agree more and are happy to look at the transactions that your credit group is not willing to do conventionally. Often, the transaction can work with 504. Keep us mind for your owner occupied real estate transactions!