Looking for an SBA 504 loan, any recommendations?
Looking for an SBA 504 loan in NY, any good banks/brokers?
Is it possible for one bank to get this done quicker or they all take a while?
Is there a point in shopping them around or will they be basically the same?
Worried about shopping them around since they are funded by the CDC will they end up getting multiple applications from me and does that come across negatively?
[{"id": "g124jwo", "text": "SBA loans are going to be slow no matter who you go with, especially this year with all the stimulus getting churned out that they have to administrate. But you'll get different rates/terms with different lenders, and some lenders close more of them than others, which means they will typically have a smoother process.\n\nIt's not the majority of what we do, but we do arrange owner-occupied commercial loans (SBA 504, 7a, and non-SBA) a bit through [StackSource](https://www.StackSource.com). You'll see you save the most time with us if you need help whipping your underwriting into shape and getting multiple lenders to bid for the loan without a ton of legwork. We also help you avoid some bad lenders that you may otherwise get sucked into.", "replies": [], "depth": 1}, {"id": "g126j45", "text": "Pursuit Lending, formerly NYBDC is based in Albany and pairs local banks with SBA deals. I\u2019m a Commercial Loan Officer in the Hudson Valley, where are you?", "replies": [{"id": "g1274xn", "text": "Same area actually. I submitted my documents through a local banks and they just asked if they can share my information with Pursuit. What is Pursuit?", "replies": [], "depth": 2}], "depth": 1}, {"id": "g12az4e", "text": "Loan amount?", "replies": [{"id": "g137qd7", "text": "1 million range", "replies": [], "depth": 2}], "depth": 1}, {"id": "g13idcn", "text": "I can help you.  Please reach out with a phone call or email. If interested, I can even fund you with 10% working capital on the back end which effectively puts your down payment at 5-10% in some cases. \n\nClint\n631-255-5276 \nOr clint@investcapitalfunding.com", "replies": [], "depth": 1}, {"id": "g161mky", "text": "Can some lenders fund faster than others? Yes. \n\nIs there a point to shopping them? Yes\n\nMy recommendation, find a good broker to do the legwork for you. \n\nIf you do run it down yourself, don\u2019t worry about shopping lenders. In short, lenders don\u2019t submit the loan to the CDC until they have a complete underwriting package, which requires significant information, so you\u2019re not going to have multiple applications unless you put up multiple expense deposits, have multiple lenders pull your credit, etc.", "replies": [], "depth": 1}]