SLAP Loan
Wiseman Capital Group is proud to introduce its newest loan product called the SBA 504 and 7a Loan Alternative Loan Program or SLAP Loan for short. This program was designed for loans that can’t qualify for SBA 504 or 7a financing and are better candidates for non-traditional financing instead of private/hard money loans. Our new loan program features the same SBA program guidelines that are found in our 504 and 7(a) loan programs but it has the following key advantages:
- Rates are approximately 500 basis points higher than SBA quotes interest rates.
- Terms are up to 30 years instead of 25 years
- Stated income program is available, whereas SBA 504 and 7(a) have no stated income program
- Closings can happen in as little as 45 days
To submit a file for our SLAP loan program we will need the following documents:
- Personal Financial Statement for all borrowers (current, signed and dated).
- Current rent roll with copies of all leases on subject property.
- 2009, 2008, 2007 tax returns for all borrowers.
- 2009, 2008, 2007 profit and loss statements w/ balance sheets.
- 2010 year to date profit and loss statement w/ balance sheet.
- Detailed list of improvements if made to subject property.
- Project history narrative with description of all businesses.
- Original closing statement for subject property.
- Third party reports (appraisal, environmental, survey) if available.
Please email all documents to info@wisemancapitalgroup.com
