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What Loan Should You Get When Starting An Assisted Living? - SBA vs Commercial Banking - Ep 30
Manage episode 397734972 series 3491895
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In this episode, Brett Chotkevys talks about getting a loan for your Assisted Living. The bank is a powerful tool to fund your Assisted Living if you don’t have a ton of capital laying around in your bank account. However, it can be confusing when choosing what kind of loan you should get. Brett breaks down the difference between SBA loans and bank financing. He explains which one might be for you.
There are a lot of benefits to an SBA loan. For one, they will lend a lot more money than a commercial lender would. SBA can lend up to 90%. Also, SBA loans can be for the building and the business. Meaning you can use the loan for furniture, operation costs, and more. While commercial loans you can only use for the building. On paper, it sounds like SBA is the obvious choice. You need less of a down payment and you get loaned more money. However, Brett explains the negatives of SBA banking and why you might want to go commercial. Listen to this episode to find out why!
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Follow me:
Facebook: https://www.facebook.com/brett.chotkevys
Youtube: https://www.youtube.com/@Brettchotkevys1
Check out some FREE Resources HERE: https://www.PALM.University
Assisted living investing, Residential Assisted Living, small facilities, passive income, myth debunking, challenges, limitations, active involvement, owner-operators, staffing, emergencies, quality care, scalable business model, 16-bed luxury memory care mansion, informed decisions, behind-the-scenes insights, thriving niche, One and Done, Financial Freedom, Active Income, Making a Difference, Long-Term Exit Strategy, Real Estate, Retirement Planning, Memory Care Mansion, Investment Opportunities.
Intro Music by Alex_Kizenkov via Pixabay
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