Everything You Need to Know About Full Standby for SBA Loans

Everything You Need to Know About Full Standby for SBA Loans

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Q: Hello Beau, I was wondering how long the seller needs to carry the loan when it's on full standby. I'm trying to minimize my upfront payment, but the seller doesn't want to carry the loan for an extended period. Thank you.

Rudy

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Timestamps:
(00:02) - Question about the duration of the seller carrying the loan on full standby.
(00:13) - Explanation of the previous requirement for the seller to be on full standby for the entire loan term
(00:28) - Updated information: The current requirement is two years on full standby, without a balloon payment, matching the term of the loan.
(00:45) - Clarification that after two years on full standby, payments can begin and continue until the full term of the loan.
(00:57) - Communicate with the seller, informing them of the new two-year full standby period and the plan to pay off or refinance by year five, which sellers are generally open to due to the small percentage of the deal involved.

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#FullStandby #SBAloans #sellerfinancing

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