CORRECTING and REPLACING SmartBiz Loans™ Announces New Online SBA Commercial Real Estate Loan Offering up to $5 million

Date : 12/15/2016 @ 9:36PM
Source : Business Wire

CORRECTING and REPLACING SmartBiz Loans™ Announces New Online SBA Commercial Real Estate Loan Offering up to $5 million

  • Pre-qualify from your phone in less than five minutes
  • SBA Commercial Real Estate (CRE) Loans will now be available for purchase or refinancing through SmartBiz® bank partners

Please replace the release dated December 14, 2016 with the following corrected version due to multiple revisions.

The corrected release reads:

SmartBiz Loans™ ANNOUNCES NEW ONLINE SBA COMMERCIAL REAL ESTATE LOAN OFFERING UP TO $5 MILLION

  • Pre-qualify from your phone in less than five minutes
  • SBA Commercial Real Estate (CRE) Loans will now be available for purchase or refinancing through SmartBiz® bank partners

SmartBiz Loans, the first online SBA marketplace and bank-enabling technology platform, has announced that they will now facilitate SBA 7(a) Commercial Real Estate (CRE) Loans up to $5 million to eligible business owners based in the U.S. through SmartBiz bank partners.

The CRE loans are now available from SmartBiz bank partners for purchase or refinance through an automated, mobile-optimized online flow that allows eligible businesses to pre-qualify online (even on their mobile phones) in less than five minutes without impacting their credit score. Loans are available for amounts between $250,000 to $5 million with 25-year repayment terms, variable rates as low as 5%, no balloon payments and no prepayment penalty after the first three years. Unlike traditional bank commercial real estate loans, SBA 7(a) loans through SmartBiz bank partners do not require re-qualifying every 3 to 5 years.

The loans are available to small business owners based in the U.S. with a personal credit score of 675, at least three years in business and $250,000 or more in annual revenue.

“Getting an SBA commercial real estate loan through a traditional bank can be a long process that often ends in a ‘no’ despite all the time and energy put in,” said Evan Singer, CEO of SmartBiz Loans. “Our online process is not only easier with a higher likelihood of a yes, but our loans don’t have balloon payments similar to most conventional CRE bank loans as well. By expanding the loan products we offer, SmartBiz® continues to support hardworking small business owners across the country.”

The SmartBiz Loans SBA marketplace matches customers with the right bank to increase the likelihood of approval, while also making small business lending more efficient for banks. The new CRE loan options will benefit potential bank partners looking to expand their small business loan B2B offerings, as well as other existing and potential partners (such as accountants, financial advisors and commercial real estate agents) that will have the opportunity to offer CRE loans to their clients.

Businesses that lease property can also apply for a SmartBiz SBA 7(a) CRE loan to potentially reap the benefit of lowering their monthly payment and turning a major expense into an asset. By buying their property with a SmartBiz CRE loan, small businesses may be able to grow their net worth and improve long-term financial stability. Participating customers are assigned a dedicated, responsive and knowledgeable CRE expert to walk them through the entire process, from pre-qualification through funding.

Learn more at www.smartbizloans.com/realestate.

ABOUT SMARTBIZ LOANS

SmartBiz Loans is a unique combination of an online SBA loan marketplace and a bank enabling technology platform. The company's online software provides the SBA preferred lenders that utilize SmartBiz customized and automated origination, underwriting and documentation assistance, making approval and funding fast and easy. SmartBiz Loans is based in San Francisco and was founded in 2009 by a team of experienced financial services entrepreneurs with backing from leading venture capital firms including Venrock, Investor Growth Capital, First Round Capital, Baseline Ventures, and SoftTech VC . Learn more at www.smartbizloans.com.

For SmartBiz LoansVestedKevin Moogan, 917-765-8720smartbizloans@fullyvested.com

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