#1
27th March 2016, 01:26 PM
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Citibank SBA 7A Loans
Hey buddy I want some information about Citibank SBA 7A Loans offer to there customers for that will you please get the information about it?
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#2
27th March 2016, 01:29 PM
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Re: Citibank SBA 7A Loans
I will help you here to get the information about Citibank SBA 7A Loans so that you can go through the information easily. The SBA 7(a) loan, the most common general-purpose SBA loan, offers single and multiple disbursement term and real estate loans. Use your loan for working capital or to purchase a business, inventory, or land for construction. Term Loans from $25,000 to $5 million. SBA LOANS: Up to 20 years on Real Estate; Up to 10 years on Machinery or Equipment. Terms Working Capital: up to 7 years. Equipment: up to 10 years (or useful life). Real Estate: up to 25 years. Interest Rates Fixed or variable. Terms less than 7 years: NY Prime + 2.25%. Terms equal to or greater than 7 years: NY Prime + 2.75%. Fees SBA Guarantee Fees: Loans up to $150,000 — 3% of the guaranteed portion of the loan. Loans from $150,001 to $750,000 — 4% of the guaranteed portion of the loan. Loans from $750,001 to $5 million — 4.5% of the guaranteed portion up to $1 million and then 3.75% for guaranty above $1 million. SBA Packaging Fee: $1,500. Filing Fees: Minimum of $50. Processing and Credit report: $575 Underwriting Requirements Personal guaranties by all owners of 20% or more. Adequate business collateral, or personal assets securing personal guaranty, i.e. mortgage on a home. Hazard Insurance. Financing Loans less than or equal to $150,000 — SBA provides 85% guarantee. Loans greater than $150,000 — Guaranteed amount is 75%. Address:- CITI Bank Citibank Centre, 9th Floor, Plot No C 54, 55 & 61, Block G, Bandra East, Mumbai - 400051, Bandra Kurla Complex Phone:- +(91)-22-28232265, 28232484 1800222484,1800225555 +(91)-22-26535861 |