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Questions to Ask Yourself

Presise Mortgage Lending advises you to ask yourself these questions when considering applying for a Commercial Loan.

Can you and your business be considered credit worthy?
Applying for a commercial loan means your personal and business credit ratings will be analyzed.

Do you know how much capital you require?
Knowing if you are looking for a short, long, intermediate term money or equity capital is important on the front side.

Exactly how much money are you considering for the loan?
Be direct and detailed with your request and cover what the loan is for.

What can you present as collateral and is it sufficient for this type of loan?
Understanding at the minimum your collateral must equal to the loan amount.

What are your limits?
Knowing excactly your limits regards to rates, payments, and terms will facilitate the commercial loan process.

Commercial Loans

Precise Mortgage Lending wants to help you and your business with a Commercial Loan that is right for you and your business.

Commercial Loan Checklist

The following list will help you identify the types of information a lender will need to make an informed decision about your business:

   *  Three years income tax and financial statements

   *  Year-to-date profit & loss and balance statement

   *  Personal finance statements

   *  Projected cash flow statements for next 12 months

   *  Pro forma for next 12 months / length of loan

   *  Federal and state tax information

   *  Collateral sheet

   *  Well written business plan

Ten Myths and Facts about SBA

Myth:  It takes four to six months to get a SBA Loan processed. 

Fact:  Completed loan applications from banks average 10 working days.


Myth:  SBA provides no assistance in helping a business get federal contracts from the government.

Fact:  SBA has procurement assistance at Small Business Development Centers across the country.


Myth:  A business person can get cheaper interest rates for business loans from SBA.

Fact:  SBA does not provide lower interest rates for small business people. Interest rates are negotiable with the bank, but are limited to 2.25% above the prime rate in the Wall Street Journal for loans with maturities of less than 7 years, and limited 2.75% with maturities of 7 years or more.


Myth:  Small loans are not available through SBA.

Fact:  SBA provides an incentive to banks to make loans nder $50,000 by reducing their guarantee fee by half.


Myth:  SBA has no specialized programs to assist minority business persons.

Fact:  SBA's 8(a) and 7(j) programs provide specialized management and technical assistance to minorities.


Myth:  There are few SBA loan programs.

Fact:  SBA finance programs provide a wide spectrum of opportunities including Guaranteed Loan, Handicapped Assistance, Contract Loan, Veterans Loan, Exported Revolving LOC, and Small Business ($50,000 and less).


Myth:  SBA has no programs to assist veterans.

Fact:  SBA gives veterans priority when their loan application arrives in the office or when they need business counseling to start a small business.


Myth:  SBA has grants to start or expand a small business.

Fact:  SBA has NO grant program to start or expand a small business.


Myth:  Contractors receive no assistance from SBA.

Fact:  SBA's Surety Bond Guarantee Program assists contractors with their Bid Bond, Performance Bond, and Payment Bond.


Precise Mortgage Lending can make sure you have all the necessary elements in line to apply for a Commercial Loan successfully.