Here is a list of Coronavirus Relief resources available to small business owners that have been negatively impacted by the virus:
- SBA Loan Resources
- SBA General Loan Application as well as this Link
- Who is Eligible? (An overview of Coronavirus Relief Eligibility)
- Small Business Relief Programs By State
- Non SBA Business Loans
- Keeping The Workplace Safe
The majority of the clients we work with are real estate investors. There are several programs being offered to landlords that have Fannie and Freddie mortgage backed loans
Although, many real estate investors do not have a Fannie or Freddie mortgage backed loan on their property. In this scenario, we are advising that you make contact with your present private mortgage holder. Ask them if they are offering a deferred payment program. Furthermore (for Connecticut Residents), you can contact the state resources link above for available programs.
Contact us with any questions or to help assist you with troubleshooting a real estate issue.
Michael Meyer
President Spartan Commercial Mortgage Services
mike@spartancommercialmortgage.com
(860) 876-0572
Allowed Businesses for Non SBA Programs:
- Real Estate Agencies
- Insurance Agencies
- Retail Businesses
- Gas Stations
- Contractors as well as Construction Companies
- Medical as well as Doctor’s Offices
- Production as well as Manufacturing Fields
- Technology as well as Development Companies
- Trucking as well as Transportation Fields
- Kiosk Businesses
- Staffing Companies
- Travel Agencies
- Wholesale Distributors
- Day Care as well as Education Facilities
- Property Management Firms
- Telehealth as well as Telemedicine Fields
Loan Sizes for Non SBA Loans
5K to 1MM. Loan sizes are determined by annual income, business plan, accounts receivable, as well as bank statements.
Connecticut Business Loans and Terms
Generally, the length of business loans are from 3 months to 18 months. These are short term loans. Longer terms can be allowed depending on the situation. Most noteworthy amongst the options we offer is the Line of Credit program which is a longer term solution.
Our Merchant Cash Advance Loans are non-recourse. Whereas all other business loans require a personal guarantee.
There is a minimum credit score requirement of a 550. For larger loan sizes we will require a credit score of a 660. We also have the ability to structure your business loan as follows:
- Bridge Loan
- Small Business Loan
- Invoice Factoring is also available
- Line of Credit (this can renew annually)
- Finally, as a Merchant Cash Advance
Please feel free to call us today for a free consultation. Spartan Commercial Mortgage also offers Stated Income Commercial Mortgages and Hard Money Real Estate Solutions.