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FOR PURCHASE OR REFINANCE
OF COMMERCIAL REAL ESTATE
7-A PROGRAM

1. Loan not to exceed $1,500,000.
   
   
2. Rate is variable-anywhere between Prime +1 and Prime +2 ¾, depending upon size of loan and financial condition of borrower. Average rate for Real Estate loans is Prime +1.5% to 2%.
   
   
3. Term: 25 years; no prepayment penalty; no call date; amount amortized.
   
   
4. SBA requires borrower to occupy a minimum of 51% of the building with their business.
   
   
5. Down Payment - Property can be purchased with a minimum of 10% down or refinanced for 90% of appraised value.
   
   
6. To determine if borrower would qualify for SBA financing, we need the following information:
   1. Current financial statement on business.
   2. Last three years income tax returns on business.
   3. Current personal financial statement on principal or principals in the business.