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SBA Loans
Open Bank, named a “2011 National Small Business Lender of the Year Award” by the U.S. Small Business Administration, is dedicated to providing an unsurpassed level of banking experience when it comes to obtaining SBA loans. Open Bank’s SBA Department consists of a team of seasoned loan officers, underwriters and closing specialists who can quickly and accurately assess each applicant’s unique financing needs and their financial qualifications to deliver a custom-tailored SBA loans that are rate & term competitive, in the most efficient and streamlined ways. Our expertise allows us to anticipate and maneuver through any underwriting/closing challenges, which means you will have your loans approved and funded on time, guaranteed
Open Bank specializes in SBA 7a loans up to the maximum loan amount of $5 Million, which can be used for the following purposes:
| Max LTV | Max Term | |
|
90% | 25 Years |
|
75% | 10 Years |
|
85% | 10 Years |
|
N/A | 10 Years |
|
(a) | (a) |
|
(b) | (b) |
(a) Will follow Max LTV and Max Term of original loan purpose
(b) Weighted Average Max LTV and Max Term of each loan purpose
RECENT CLOSING HIGHLIGHTS
$3,600,000 SBA 7a loan to a handicap-access vehicle manufacturer to finance purchase of a 29,000 SF former GM auto dealership facility in Orange County. The loan provided 90% of the purchase price at a very competitive rate.
$721,000 SBA 7a loan to purchase and renovate a bank-owned, closed-down gas station & c-store facility in Los Angeles County. The loan included $85,000 of working capital.
$695,000 SBA loan 7a loan to purchase a fast food restaurant building in Napa County. Considering the borrower’s equity in the business, Open Bank was able to provide 100% of the purchase price of the building, plus closing cost.
$2,775,000 SBA 7a loan to refinance a mortgage debt on an independent motel in Los Angeles County. Through this refinance, the motel owners were able to reduce $8,000 in their monthly payment.
$1,126,000 SBA 7a loan to refinance an existing mortgage debt on a truck wash facility in Kern County. This loan also financed $295,000 construction cost of a new truck lube/service facility.
Please contact Open Bank for “no obligation” consultation and prequalification.
Southern California Ryan Shin Senior Vice President (213) 892-1164 ryan.shin@myopenbank.com |
Broker Referrals Welcomed | Northern California Rick Pak Senior Vice President (408) 202-7814 rick.pak@myopenbank.com |
Southern California Derrick Seung First Vice President (213) 892-2702 derrick.seung@myopenbank.com |
Central California Ken Patterson Senior Vice President (559) 797-6898/b> ken.patterson@myopenbank.com |
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