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CHICAGO: SBA Loans Jumpstart Building Buys

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CHICAGO: SBA Loans Jumpstart Building Buys

Small business lending for owner-occupied real estate will flourish in 2014, SomerCor 504 VP Bill Kornit (snapped with his wife Brandi) says, thanks to near all-time-low rates and favorable legislation in the pipeline. The firm's SBA lending (90% financing) has been incredibly active, given today's 20-year, fixed-rate loans at about 5% interest and real estate's depressed pricing. Most often, it's companies that have been leasing their property and are now opting to buy.

CHICAGO: SBA Loans Jumpstart Building Buys

Bill's two kids, who keep him busy with wrestling and baseball. The SBA's refi program, a smashing success that sunsetted in September 2012, should be returning full throttle next year, SomerCor lobbyists say, a boon for borrowers with five-year balloons coming due or in a high-LTV position. They can use the program to create 20-year, fixed-rate financing and tap into equity to refi other debt. He recently closed a loan for WhirlyBall's new $11M, ground-up facility in Chicago.

Related Topics: The SBA