Specific steps and documentation required to finance a Sona MedSpa franchise with an SBA 7a loan

Specific steps and documentation required to finance a Sona MedSpa franchise with an SBA 7a loan

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Hi Beau,

What specific steps and documentation are required to finance a Sona MedSpa franchise with an SBA 7a loan, and what is the general timeline for the loan application process from start to funding?

Thanks,
Bob

To finance a Sona MedSpa franchise with an SBA 7a loan, specific steps, and documentation are required.

The process begins by submitting a complete package, and within approximately 10 days, you can expect to receive a Letter of Intent (Loi) or term sheet. After signing the term sheet, the loan application process typically takes around 45 to 75 days, depending on the complexity of the transaction. If there is no real estate involved, additional steps may include a real estate appraisal and a business valuation.

On average, when you receive the term sheet and return it, the entire process may take about 60 to 75 days. Documentation required for eligibility includes franchise disclosure documents, your resume, and the standard SBA documents (such as Form 4413).

If you have previously owned other businesses, you must provide a schedule for those businesses. The process is not overly complicated but can be somewhat tedious, as banks and non-mic SBA lenders ensure strict compliance with SBA guidelines. This thoroughness is necessary to ensure the loan is underwritten and closed correctly, preserving the SBA's guarantee.

Overall, the process is similar to other types of bank loans. Qualifying for an SBA Express loan is possible for loans under a specific dollar amount, with a faster closing time of approximately 30 days. Suppose you have further questions or need assistance. In that case, Beau offers the opportunity to book a call to discuss SBA financing options, including 7A and 504 loans and other types of financing.

If you'd like to ask me a question about real estate, do it here -- https://investorfinancingpodcast.com/ask

Timestamps:
(00:08) Introduction to a Q&A session with Bill Davis
(00:12) Go to investorfinancingpodcast.com/ask to ask other questions
(00:39) Timeline for financing a Sona MedSpa franchise with an SBA 7A loan
(01:02) Required documentation and eligibility for SBA loan application
(02:24) Possibility of qualifying for an SBA Express loan for smaller amounts
(02:36) Book a call at http://bookwithbeau.com/

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#SONAMedSpa #franchising #SBA7a #SBA

About Beau: Beau Eckstein is a real estate entrepreneur, TV personality, and commercial mortgage advisor, specializing in construction financing and multi-family lending.

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