I spoke to a borrower yesterday who was in a desperate search for a bridge loan because his SBA loan would take 6 – 8 months to close, and he did not have that long to wait.
Here is the mistake he was making. A particular issue with his file made his bank uncomfortable, and they insisted on waiting before it got cleaned up. But unfortunately, he assumed their position was an SBA position, so he had no other choices.
The bank's issue had nothing to do with SBA rules. It's a bank rule – and we think we can help him with a different SBA lender.
Ever heard the saying that sometimes you need to kiss a bunch of frogs before you meet your prince? The same holds with SBA lending.
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