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Corbin Dangerfield Joins Government Guaranteed Lending Department at Grandpoint Bank

corbinWe’re happy to announce that Corbin Dangerfield has joined Grandpoint Bank’s Government Guaranteed Lending Department as a business development officer. Corbin will be responsible for marketing and originating government guaranteed loan products for Grandpoint Bank.

Grandpoint offers a variety of government guaranteed loan products that provide alternatives if a traditional credit product is not well suited for a small or medium-sized business. These include loans through the SBA, USDA and Export-Import Bank of the U.S. These government-backed loans require less cash investment up front and offer longer loan terms than conventional loans.

“Government guaranteed loans can help bridge the gap for businesses that otherwise would not have access to capital,” said Leticia Scearce, Senior Vice President/Government Guaranteed Lending Manager. “Corbin has specific expertise in this type of lending, and we’re happy to have him join our team of professionals.”

Corbin served in the same capacity previously for Meadows Bank in Las Vegas. His experience also includes serving as a vice president and business development officer at Lehman Brothers and as a commercial real estate broker at NAI Commercial Real Estate.

“Many SBA loans are made in support of real estate investments,” said Corbin. “My experience as a real estate broker combined with my expertise in banking and finance is especially helpful to my clients, regardless of the type of government guaranteed loan that suits them best. In my new position, I’m excited to offer clients the full resources and capabilities of Grandpoint’s government guaranteed lending team.”

Another reason Corbin wanted to join Grandpoint’s SBA/Government Guaranteed Lending Department was to be part of a team that can fund qualifying loan applications at the pace business moves.

“I also appreciate that our team understands larger, more complex deals, and that we are able to offer the whole array of Government Guaranteed Lending programs, not just the 7a and 504 loans.”

When he’s not working, Corbin enjoys outdoor recreational activities, especially when it’s with his kids.

We’re glad to have him on board, and we hope Corbin may be of service to your business if you’re considering a government guaranteed loan.

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Refinance Your Conventional Business Loan into a SBA 504 Loan

leticia-scearce_biltmore-bankThe SBA Debt Refinance Program is back! Does your small business have a maturing or high-cost conventional loan for real estate, buildings or equipment? The long-term, fixed rate financing available through the SBA Debt Refinance Program can help small businesses that face significant balloon payments, require financial flexibility or want to take cash out from appreciating assets for expansion.

Under the new program, small businesses that refinance into a SBA 504 loan can take advantage of lower rates, fixed for 20 years, to lighten their monthly debt payments, improve cash flow and stabilize operations.

These parameters can help determine whether this program might be a good fit for your business:

  • The debt to be refinanced must be at least two years old.
  • The debt to be refinanced must be current during the last 12 months.
  • Eligible small businesses can obtain up to 90 percent financing for secured debt and qualified business debt.
  • Eligible fixed assets include real estate and equipment.
  • Cash out for operating expenses, including debt consolidation, is limited to 75 percent loan-to-value.
  • Cash out can be used for eligible business expenses (salaries, rent, utilities, inventory).
  • Existing government guaranteed loans are not eligible to be refinanced.
  • The eligible debt being refinanced is for the outstanding principal balance.

Other conditions or qualification requirements may apply. 

For those considering applying for a new loan, we offer a variety of government guaranteed loan products that require less cash investment up front and offer longer loan terms, which can help bridge the gap for businesses that otherwise would not have access to capital.

  • SBA 7(a), 504 and 504 refinance
  • SBA Export Express Export Working Capital International Trade
  • USDA Business & Industry Loans Food Desert Rural Energy for America Program (REAP)
  • Export Import Bank of U.S.

If you would like more information on the SBA 504 Refinance Program or any of our government-guaranteed loan products, please contact Leticia Scearce, Senior Vice President/Government Guaranteed Lending Manager, at lscearce@biltmorebankaz.com or (602) 445-6511.

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Who’s Who? We’re Who!

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We’d like to express our heart-felt thanks to Republic Media for selecting The Biltmore Bank of Arizona to be included in its Who’s Who in Business honorees. On May 25, the magazine honored our top executive, Rich Endicott, and our highest ranking women, Desirae Outcalt and Leticia Scearce, at The Arizona Republic and azcentral.com offices in Phoenix with a special breakfast mixer event.

Who’s Who in Business recognizes the state’s highest-ranked 10 companies in 50 different fields. The magazine also lists the top-ranked companies’ leading Arizona executive and highest-ranking women. 2016 marks the 25th anniversary of the annual Who’s Who in Business.

We would also like to extend our appreciation to our clients, without whom we would never be recognized with programs like Who’s Who in Business, Ranking Arizona or BauerFinancial’s Five-Star Superior Rating. From the very beginning, we had a basic operating philosophy: treat people with respect; communicate and respond quickly to their needs; and be a part of the community we serve. We are glad that our philosophy is appreciated by our clients and our community.

Our clients come to us with complex issues – because we have a proven track record of solving them. We provide value beyond banking, and we stand shoulder-to-shoulder with our clients to help them grow their businesses.

If we’ve been able to help you, thank you for trusting in us. If you’re grappling with an issue that’s holding your business back, please consider meeting with us. Our relationship managers have counseled clients through a wide range of challenges and complex issues. Also, these experienced bankers really enjoy helping! Learn more about our philosophy and services here, and please don’t hesitate to contact us.

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7(a) Loans: SBA’s Flagship Loan Program

Leticia SIn May, we published an article by our Vice President of Government Guaranteed Lending, Leticia Scearce, entitled What You Need to Know About Government-Guaranteed Lending, Part I, providing an overview of government-guaranteed loan programs offered by our bank. Here, Leticia delves deeper into SBA 7(a) loans. We hope this information is useful to you, and please don’t hesitate to contact us so we can answer any questions you may have.

Created under Section 7(a) of the Small Business Act of 1953 (P.L. 83-163, as amended), the 7(a) loan program has become the most popular and largest program under the Small Business Administration. For FY 2015, SBA approved close to $19 billion nationwide in SBA 7(a) loans.

SBA 7(a) loans are government-guaranteed loans, which means that the federal government provides a backing on the loan to the lender. This guaranty can range from 50 to 90 percent of the loan and is driven by the specific 7(a) loan product. The guaranty reduces the lender’s exposure or risk in the transaction, thus allowing many businesses to obtain a source of financing alternate to a conventional loan. The lender originates, services, performs any necessary liquidations and must not only comply at loan origination with the SBA policies and procedures, but throughout the life of the loan.

Below is a summary of the general parameters of 7(a) loans.

Benefits

Term
  • Less equity/cash down payment, preserving cash
  • Longer terms than conventional
  • No balloons, fully amortizing loans, no need to refinance again
  • CAPLines (revolving lines of credit) can be renewed annually, up to 10 years max
  • Equipment- up to 10 years
  • Real estate- up to 25 years
Uses Loan Maximum/Fees
  • Purchasing, constructing, renovating commercial owner occupied real estate
  • Purchase/refinance equipment
  • Working capital
  • Business Acquisition
  • Expansion & Exporting
  • Max SBA loan is $5 million (includes existing loans to borrower and affiliates plus new loan request)
  • SBA guaranty fee determined by loan size (2%-3.75% of guaranteed portion)

While a business may pay more in upfront fees for an SBA loan versus a conventional loan, the benefits far outweigh the cost. Preservation of capital is one of the biggest advantages of SBA loans.

There is a subset of loan programs under the 7(a) umbrella, so it is important to inquire about the programs offered by the lender. In our next government guaranteed loan blog, we will discuss SBA 504 loans and compare them to 7(a) loans. In future blogs, we will also discuss various 7(a) sub programs we offer.   Please contact us at (602) 992-5055 for more information.

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Approved to offer SBA loan products under SBA’s Preferred Lender Program

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