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Small Business and SBA Lending Blog
Last updated on Feb 19, 2023
2 min read

SBA 7(a) Loans for Assisted Living Facilities

The underwriting procedures for an assisted living facility  are different from other types of business mortgages. If you’re looking into buying an owner-occupied adult care facility, engaging in new construction, or buying an existing building for your venture, there are several SBA fundi

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The underwriting procedures for an assisted living facility are different from other types of business mortgages. If you’re looking into buying an owner-occupied adult care facility, engaging in new construction, or buying an existing building for your venture, there are several SBA funding options for you.

SBA7a.Loans has worked with multiple owners of assisted living facilities to help them get funding for:

  • New construction of a facility. New buildings are expensive, but the SBA 7(a) can help.

  • Refinancing an adult care center. Stuck in a loan that isn’t working for you? Use the SBA 7(a) for refinancing.

  • Buying a second location. The SBA 7(a) is often used by working businesses to expand and grow.

We’re not only experts at the SBA 7(a) loan, but we also have connections with lenders across all SBA and other small business lending programs. For example, if you’re interested in taking out an SBA 504 loan, we can connect you with the perfect lender. The SBA 504 loan program offers a higher maximum loan amount, lower down payment requirements, and is primarily intended for funding commercial real estate and other fixed assets, as it cannot be used for working capital.

 

To learn more about the SBA 7(a) loan program or to get a free quote, simply click the button below!

Related Questions

What are the eligibility requirements for SBA 7(a) loans for assisted living facilities?

In order to qualify for an SBA 7(a) loan for an assisted living facility, borrowers must meet certain standards. These standards include having good bookkeeping, understanding your creditworthiness, and having a solid business plan. Additionally, the business must be an eligible industry for SBA 7(a) loans, which includes assisted living facilities.

For more information on the eligibility and qualifications for the SBA 7(a) loan, please visit this page. For more information on eligible and ineligible industries for SBA 7(a) loans, please visit this page.

What are the advantages of SBA 7(a) loans for assisted living facilities?

The SBA 7(a) loan program offers many advantages for assisted living facilities. These include access to long-term financing, competitive interest rates, and flexible repayment terms. Additionally, the SBA 7(a) loan program offers access to capital for businesses that may not qualify for traditional financing. This makes it easier for assisted living facilities to access the funds they need to grow and expand.

The SBA 7(a) loan program also offers competitive interest rates and flexible repayment terms. This makes it easier for assisted living facilities to manage their debt and keep their costs low. Additionally, the SBA 7(a) loan program offers access to capital for businesses that may not qualify for traditional financing. This makes it easier for assisted living facilities to access the funds they need to grow and expand.

For more information on the SBA 7(a) loan program, including how much you can borrow, loan maturity, fees, and more, please see this page.

What are the disadvantages of SBA 7(a) loans for assisted living facilities?

The disadvantages of SBA 7(a) loans for assisted living facilities include:

  • Lengthy approval times (for standard SBA 7(a) loans)
  • Lots of documentation
  • Collateral is often required
  • Certain businesses, including real estate investing, lending, gambling, and speculation are prohibited
  • High credit scores are typically required (typically 680+)
  • May be restrictions on supplemental/additional financing

Source: www.sba7a.loans/sba-7a-loans-small-business-blog/pros-and-cons

What are the maximum loan amounts for SBA 7(a) loans for assisted living facilities?

The maximum loan amount for SBA 7(a) loans for assisted living facilities is up to $5 million. This amount is subject to the SBA's lending limits and the borrower's ability to repay the loan. See SBA 7(a) Loan Terms for more information on loan terms, rates, fees, and maturity.

What are the repayment terms for SBA 7(a) loans for assisted living facilities?

The repayment terms for SBA 7(a) loans for assisted living facilities vary depending on the loan amount and the type of loan. Generally, the repayment terms are up to 25 years for real estate and up to 10 years for equipment and working capital. The SBA 7(a) loan program also offers flexible repayment terms, including interest-only payments, deferred payments, and seasonal payments. For more information on the SBA 7(a) loan program, including loan terms, rates, fees, and maturity, please see this page.

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