Are there any other expenses or costs?
SBA 7(a) performing Capital or Debt Consolidation / Refinance Loans: Banking institutions within the SmartBiz system typically charge a one-time application cost of a maximum of $3,000. The SBA charges a warranty charge. For loans as much as $150,000, the SBA guarantee cost is normally 1.7percent associated with loan quantity (or 2% associated with the guaranteed part). Exception: For 7(a) loans in a Rural that is eligible Area HUBZone the guarantee cost is paid down by about 67%. For loans of $150,001 to $350,000 the SBA guarantee cost is 2.25% regarding the loan quantity (or 3% associated with the guaranteed part) For loans of $500,00 to $700,000: SBA guarantee cost is 3% for the guaranteed part (or 2.25percent associated with the loan quantity). For loans of $700,001 to $5,000,000 the charge is 3.5% associated with guaranteed in full part as much as $1,000,000 plus 3.75per cent associated with guaranteed in full part over $1,000,000.
Bank closing expenses typically add about another $450 and can include standard bank charges though extra 3rd party report fees may use.Read More