We are not your competitor…we are your partner! As the largest 504 Lender in Texas, we partner with banks through-out Texas on commercial loans ranging from $175,000 up to over $5.5 million. We’ll coordinate the entire 504 Loan process and work to ensure everything goes smoothly for your client.
Generally, any project involving the purchase, construction, or improvement of fixed assets is eligible. Examples include:
· Land and building acquisition
· Construction and renovation
· Purchase of heavy machinery or equipment
· Refinancing real estate and equipment
Reasonable contingencies (up to 10 percent), furniture and fixtures, and soft costs (such as professional fees and interest during construction) generally can be included. Investment and residential properties are not eligible.
· Business owner(s) must be a U.S. citizen or resident alien with a green card
· Any for-profit business
· Any business structure (Sole Proprietorship, Partnership, Corporation, LLC, LLP, etc.)
· Any type of legitimate business: manufacturing, wholesale, service, professional service, retail or agricultural
By SBA definition the business must be small. This generally means less than $15 million in net worth and less than $5 million in annual after tax profits.
· Private restrictive clubs and speculative real estate investments
· Businesses primarily engaged in lending (i.e. banks, credit unions, finance companies)
· Insurance companies, although independent insurance agencies are eligible
· Offshore facilities
· Businesses that derive a significant portion of their revenue from speculative operations (i.e. commodity traders)
Businesses with more than 1/3 of their revenue from legal gambling