Advice for finding an SBA 504 Loan broker
My wife and I own a small business and we're ready to buy our own space. I think we're good candidates for the SBA real estate loan (504) but maybe there are other programs good for us. We're in Los Angeles. Does anybody recommend a good place to shop for these loans; or generally a good way to find a broker? I've spoken to US Bank. They were helpful but I heard from others that they won't be as flexible as some other options. Unfortunately I don't have specifics on other good places to look. Thanks!
[{"id": "f1fn0b9", "text": "If you\u2019re in Florida I know a great one. Private message me for contact info.", "replies": [{"id": "f1fsdot", "text": "Thanks! We are in Los Angeles, California.", "replies": [], "depth": 2}], "depth": 1}, {"id": "f1lbmc8", "text": "If you want a good lender, be a good borrower. Have you financials in order. \n\nMake sure to provide a couple or more years worth of balance sheets and income statements. Have your personal tax returns with k-1s and your business tax returns available. Create a personal financial statement accounting for all your assets and liabilities (and they should balance aka: total assets = total liabilities + net worth). Identify your current debt service both personal and as a business.\n\nIdentify what you are looking for in the loan, how you plan to spend the money and what funds of your own you will be using. The more squared away you are, the easier it is on your lender to get through underwriting, the better the lender and offers you will have.", "replies": [], "depth": 1}, {"id": "f1n8sry", "text": "We can potentially help at [StackSource](https://StackSource.com). We're like a loan broker, but more transparent. We've closed SBA loans in California and elsewhere, though our bread and butter is real estate for investment.", "replies": [], "depth": 1}, {"id": "f28wi6p", "text": "I\u2019m with US Bank. We\u2019re the number 1 SBA lender in Oregon. That\u2019s where Im located, but I can still help. Perhaps you\u2019re interested in chatting to go over options. The 504 loan is great but the 7a can potentially provide more flexibility. You may not even need an SBA loan if it\u2019s real estate.", "replies": [], "depth": 1}, {"id": "f53a5l9", "text": "Putting in my $0.02 even though the thread is a month old -- we just closed on a commercial property using the 504 loan through Wells Fargo.  We originally intended to use our local bank where we've done business banking for years, but WF was more competitive on terms and more proactive about getting the deal and supporting us.", "replies": [], "depth": 1}]