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How difficult is it for first time buyers to attain conventional financing?

I will be graduating from college soon and I am strongly considering my future as a small business owner. Once I do graduate, I will have a savings substantial enough for a down payment for a business with a price range of up to $133,333.00- this is assuming that I could attain conventional SBA or similar financing structures with 80% - 85% LTV. How difficult will it be for me to attain this financing with only some relative business and financial experience and with a credit score around 730?

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Answers (4)
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Mar 21, 2017
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Mar 19, 2017
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Biz Capital Solutions
Henderson County, NC

I own a commercial finance company and based on the information you listed above should have no problem getting you financed. The SBA is getting harder to do eveyday but the private money is flowing right now. The rate will be a little higher but you will not have any of the restrictions that the SBA places on companies. Contact me when you are ready and we can discuss your options. (800) 368-1498 Rob Ritch

Apr 5, 2009
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The BAF Group LLC
MD

Michael, the SBA criteria are changing. But one of the big things that the Bank that handles about 75% of my deals is saying is that the SBA has become much more selective, preferring to work with people that have specific experience in the industry in which they are trying to buy or start a business. Don't let that hold you back from trying, but I would try to contact several Banks that doe SBA loans and get their input on this. Because the selection process is changing, and because the Banks use their own preferences as well, getting input from several Banks is best.

Apr 3, 2009

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