Laundromat Resource Forums Financing VA SBA LOAN

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    • #6551
      adam clingan
      Participant

      I am new to this and trying to absorb as much information as possible. I am in central FL and many laundromats are around the $250k and up price range. My wife and I have no debt other than our home which is modest. If we make around 150-200k a year together and have 800 plus credit, how hard would a VA SBA loan be to get? Any idea on the range of interest rates? We are hoping to have about $100k saved up within the next year. I would rather use as much of the bank’s leverage as possible to keep cash on hand for growing the business, emergency fund, repairs, and general peace of mind until I get the hang of the business. If anyone has any insight or recommended companies I would love to hear about them. Or if you have any other VA programs that I may take advantage of.
      Thank you all so much.

    • #6845
      Jason Dodge
      Participant

      I don’t have experience with a VA SBA loan. But I do with SBA loans in general. Interest rates are usually really good with SBA and can be fixed rates also. My latest we had a rate in the low 4% range fixed with no balloon payments and no further requalifying at 7 to 10 year increments which is common. We did have real estate included with this. Down payments with SBA can be anywhere from 10% to 25% depending on the situation. Conventional laundromat loans would require 30% down and could be an adjustable rate.

      Eastern funding does laundromat loans and SBA loans. Many local banks will have a commercial division that handle business loans also, including SBA.

    • #6846
      Jason Dodge
      Participant

      I should mention that the SBA has high origination fees in their loans but I believe that the quality of their product makes it worth it.

    • #7010
      Jonathan
      Participant

      I have the same kind of question. Should I start searching for laundromats or secure funding first?

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Laundromat Resource Forums Financing VA SBA LOAN