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| Fidelity Mutual Mortgage SBA 7(a) Loan Program |
LoanPurpose: |
Acquisition, expansion, construction, recapitalization, refinance, business buyout, start-ups, working capital, and machinery and equipment purchase. Program is available nationwide to a variety of industries.
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PropertyTypes: |
All property types
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Loan Amount: |
Up to $2,000,000
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Interest Rate:
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Floating rate, up to 2.75% above Wall Street Journal prime rate, adjusted quarterly
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Loan Term:
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Up to 25 years, fully amortizing
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Prepayment Penalty:
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May prepay up to 25% during the first 3 years without penalty. Above 25%, prepayment penalty of 5%, 3%, 1%.
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Fee:
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$975 BLX package fee.
One time SBA guarantee fee.
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Collateral:
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Mortgage on business real estate, UCC filings on machinery and equipment.
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Personal Guarantee:
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Full guarantee of all principals who own 20% or more of the project.
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Loan to Value (LTV):
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Up to 90%
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Debt Service Coverage:
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1.25x for past fiscal year or recent interim period. Projected for start-ups or turn-arounds. |
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