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At your Service. On your Side.
Everyday, Colonial Savings provides loans to our businesses to help them meet their financial goals and objectives. Whatever the need, Colonial Savings offers competitive rates and terms with an easy application process, plus some unique advantages other financial institutions don’t offer. Our professionals are more than happy to help you.
Contact:
Sergio San Pedro
817-877-9160
Email: sergiosp@colonialsavings.com
PROFESSIONAL PRACTICES NON-REAL ESTATE TRANSACTIONS
| Purpose: | Business acquisitions, partner buy-out and start up financing for select businesses. Available subject to SBA guarantee approval. |
| Target business: | A wide range of professional practices such as medical doctors, dentists, veterinarians, optometrists, lawyers, insurance agents and brokers, architects, engineers, physical therapists, podiatrists, chiropractors, occupational and speech therapists and mental health practitioners. |
| Loan amounts: | Up to $1 million subject to collateral and guaranty. |
| Interest rate: | To be determined on a case by case basis. Variable based off the published PRIME rate. |
| Loan term: | Up to 10 years, depending on purpose and guaranty. |
| Prepayment penalty: | None |
| Collateral: |
- First lien security interest on all business assets (blanket lien)
- Available equity in real estate assets
- Evidence of malpractice, errors and omissions and public liability insurance is required.
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| Personal guarantees: |
- Full guarantee is required of all principals owning 20% or more of the business.
- Prior experience in the management or ownership of a related business or industry type is required.
- Appropriate licensing may also be a requirement.
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| Advance rate: | To be determined on a case by case basis. |
SBA 7(a) LOAN PROGRAM
| Purpose: | Real estate purchase, business acquisition, business expansion, construction, recapitalization, refinance, partner buyout, start-ups, working capital, inventory, machinery and equipment. |
| Target business: | All business, subject to SBA approval requirements. |
| Loan amounts: | Up to $2 million subject to collateral and guaranty. |
| Interest rate: | To be determined on a case by case basis. Variable based off the published PRIME rate. |
| Loan term: | Up to 10 years, depending on purpose and guaranty. May go up to 25 years on real estate secured transactions. |
| Prepayment penalty: | May pre-pay up to 25% during the first 3 years without penalty.
If more than 25% is pre-paid, penalty will be 3% in year 1, 2% in year 2 and 1% in year 3. |
| Collateral: |
- First lien security interest on all business assets (blanket lien)
- Mortgage on business real estate
- UCC on any equipment and machinery
- Evidence of malpractice, errors and omissions and public liability insurance is required.
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| Personal guarantees: |
- Full guarantee is required of all principals owning 20% or more of the business.
- Prior experience in the management or ownership of a related business or industry type is required.
- Appropriate licensing may also be a requirement.
- Life insurance in the amount of the loan is usually required of key individuals.
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| Advance rate: | Loan to value may be as high as 90% on exception basis. |
COMMERCIAL REAL ESTATE LOAN PROGRAM
| Purpose: | Acquisition, refinancing and construction of commercial real estate property. |
| Target business: | Professional practices, retail merchants, wholesalers and industrial concerns, building for owner occupied purposes. |
| Loan amounts: | Up to $2 million |
| Interest rate: | To be determined on a case by case basis. Variable based off the published PRIME rate. Rate may be fixed on 3 to 5 year terms. |
| Loan term: | Up to 20 years fully amortizing. |
| Prepayment penalty: | Sliding scale prepayment penalty |
| Collateral: |
- First mortgage on real estate
- May require lien security interest on all business assets (blanket lien)
- Assignment of any leases and income thereof.
- Evidence of public liability insurance is required.
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| Personal guarantees: |
- Full guarantee is required of all principals owning 20% or more of the business.
- Appropriate licensing may also be a requirement.
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| Advance rate: |
- Up to 80% on fully owner occupied properties
- Up to 75% on properties for lease
- Cash out restrictions may apply
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SBA 504 LOAN PROGRAM
| Purpose: |
Real estate and fixed asset purchase including:
- Business acquisition or expansion
- Construction
- Partner buy out
- Start ups
- Machinery and equipment
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| Target business: |
A wide range of business entities and professional practices. Available subject to SBA and CDC approval. |
| Loan amounts: |
- Bank loan up to $2.5 million, not to exceed 50% of project costs.
- CDC loan up to $2 million, not to exceed 40% of project costs.
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| Interest rate: | To be determined on a case by case basis. Variable based off the published PRIME rate. Rate may be fixed on 3 to 5 year terms. |
| Loan term: | Up to 20 years fully amortizing |
| Prepayment penalty: | Sliding scale prepayment penalty |
| Collateral: |
- First lien mortgage on real estate, UCC filings and other collateral for bank
- Second lien mortgage on real estate, UCC filings and other collateral for CDC and SBA
- Assignment of any leases and income thereof
- Evidence of public liability insurance is required
- Other conditions may apply
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| Personal guarantees: |
- Full guarantee is required of all principals owning 20% or more of the business.
- Prior experience in the management or ownership of a related business or industry type is required.
- Appropriate licensing may also be a requirement.
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| Advance rate: | Up to 90% on the combined Bank and CDC/SBA loan |
COMMERCIAL LINES OF CREDIT
| Purpose: | Financing of ordinary working investment needs, such as accounts receivable an inventory. Financing seasonal working investment needs. |
| Target business: | A wide range of business entities and professional practices. |
| Loan amounts: | Up to $500,000 |
| Interest rate: | To be determined on a case by case basis. Variable based off the published PRIME rate. |
| Loan term: |
- Advances up to 90 days
- Annual review and re-approval
- May require clean-up period
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| Prepayment penalty: | None |
| Collateral: |
- May require general assignment of business assets or specific assignment of accounts receivable and inventory
- Available equity on business real estate in some cases.
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| Personal guarantees: |
- Full guarantee is required of all principals owning 20% or more of the business.
- Prior experience in the management or ownership of a related business or industry type is required.
- Appropriate licensing may also be a requirement.
- Business interruption, general hazard and liability insurance evidence will be required
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| Advance rate: | Based on nature, quality and liquidity of underlying assets |
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