Trevor Cole Commercial Corp. is a structured finance company serving clients nationwide. Trevor Cole Commercial Corp. offers a robust catalog of loan programs, including hard money, bridge loans, and Small Business Administration (SBA) loans.
Small business owners can use SBA loans to start or expand their businesses, meet working capital needs, or purchase real estate and equipment. They are provided by private lenders but guaranteed by the SBA and afford multiple benefits, including the following three: 1. Competitive Fees SBA loan fees typically include an upfront guarantee and yearly service fees. The first is to cover the SBA costs in case the borrower fails to repay the loan and varies per loan amount and repayment term. The latter gets calculated on the guaranteed amount of the outstanding balance. Depending on the type of SBA loan, its amount, and the borrowing business owner, the upfront guarantee fee or annual service fee can get waived. For example, veteran-owned businesses seeking SBA Express loans pay no upfront guarantee fees. 2. Generous Term Lengths SBA loans have longer repayment terms than other forms of small business funding, thus allowing small business owners to have more money to meet additional business needs. The loan terms vary based on what they intend to finance. Currently, the maximum maturities for working capital and equipment are 10 years, while the maximum for real estate is 25 years. 3. Broad Spectrum of Loan Amounts With loan amounts ranging from $500 to $5.5 million, small business owners can use SBA loans to cover minor and major expenditures. It is worth noting, however, that different SBA loan programs have other eligibility criteria and restrictions. For example, the maximum loan amount for the SBA 504/CDC loan program is $5.5 million, but borrowers can only use it for purchasing major fixed assets.
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AuthorTrevor Cole Commercial Corporation of New York City specializes in procuring funding for large real estate projects, including multifamily properties and office buildings across the nation. Archives
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