A business mortgage is a costly process whether you’re constructing a new office facility or purchasing an existing one. Depending on where you are situated, new office building construction may cost more than $150 per square foot. Elevators, fire escapes, heating and cooling systems, security systems, kitchen appliances, and a variety of other features may significantly increase the cost of new construction.
SBA7a.Loans may assist you in obtaining the funds you need for the following purposes:
A new office building is being built
The SBA 7(a) may cover any of the expenses connected with new construction, including elevators, escalators, dumbwaiters, sprinkler systems, alarms and security, and more.
Refinancing a commercial property
Check out our website on Debt Refinancing for additional details.
The company is expanding to a new site
Another typical use of the SBA 7 is to purchase an existing office building (a).
Important: SBA Loan Programs Glossary and FAQs
SBA7a.Loans isn’t only for borrowers who have 7(a) loans. Indeed, we can assist you with a wide range of SBA-backed loans, including SBA 504 loans. When opposed to 7(a) loans, SBA 504 loans generally feature lower interest rates and smaller down payments. SBA 504 loans are limited to financing commercial real estate, heavy equipment, and other fixed assets, unlike 7(a) loans, which may be used for working capital and other company expenditures.