Are you looking for the best way to fund your residential assisted living business? Many entrepreneurs struggle to navigate the complex world of commercial lending, but the Small Business Administration (SBA) offers incredible opportunities for those ready to enter the senior housing market. This episode breaks down how you can leverage these programs to secure your financial future.
In this episode of the Assisted Living Network podcast, host Isabelle welcomes Mackey Hughes, Senior Loan Officer at Live Oak Bank, to break down everything you need to know about SBA loans. Mackey explains why SBA loans are superior to traditional residential loans for residential assisted living owners, specifically because they allow you to finance working capital, construction costs, and lease reserves all in one package.
You will also learn about the realistic timelines for loan approval and why a ninety day due diligence period is essential for your success. Mackey shares expert insights on down payment requirements, which can be as low as ten percent for startups or even zero percent for existing operators looking to expand. Whether you are curious about the differences between 7a and 504 loans or want to avoid common mistakes in the application process, this conversation provides the roadmap you need to navigate the silver tsunami.
Listen to this episode of the Assisted Living Network Podcast here.
