Using the SBA 7(a) for an Office Building
Whether you’re building a new office building or buying an existing one, a business mortgage is an expensive ordeal. New office building construction can be more than $150 per square foot, depending on where you’re located. Elevators, fire escapes, heating and cooling systems, security systems, kitchen appliances, and so much more can drive the cost of new construction up.
SBA7a.Loans can help you get the funding you need for:
- New construction of an office building. Any of the costs associated with new construction can be covered by the SBA 7(a): elevators, escalators, dumbwaiters, sprinkler system, alarms and security, and more.
- Refinancing an office building. For more information, check out our page on Refinancing Debt.
- Expanding to a new location. Buying an existing office building is another common use of the SBA 7(a).
Important: Glossary and FAQs about SBA Loan Programs
SBA7a.Loans can also help connect you with other government-backed loan programs, like the SBA 504. This loan is larger than the SBA 7(a), and can require a more favorable amount down for the borrower. The SBA 504 is typically used with a traditional loan to cover construction costs or the purchase of commercial real estate.