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Financial Products Overview to Be Used As Examples Or Points of Reference in Placing Borrowers with the Optimal Loan Package

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Financial Products Overview to Be Used As Examples Or Points of Reference in Placing Borrowers with the Optimal Loan Package Financial Products Overview SBA 7(a) & 504 Prepared by Will Mathee FIRST BANK FINANCIAL CENTRE 155 W WISCONSIN AVE, OCONOMOWOC, WI 53066 Q4 - 2019 MEMBER FDIC October 16th, 2019 RE: FBFC SBA Product Overview To whom it may concern, First Bank Financial Centre (FBFC) is pleased to present you with the following Financial Products Overview to be used as examples or points of reference in placing Borrowers with the optimal loan package. The intent of this document is to give a brief overview of our SBA Products, applicable usage, significant restrictions, general terms, and eligibility. Please keep in mind, these guidelines are not 100% rigid and the examples are not exact replicas of each individual product type. We understand that every Borrower will have their own unique needs and we plan to take a flexible approach in structuring loans to address this. The team at FBFC will create a tailor-made product that satisfies the Borrower’s needs, while adhering to SBA Rules and Regulations. As a moderately sized community bank, FBFC is unique in its capability to efficiently process a high volume of SBA transactions throughout the country. This is in part due to our Team’s hyper focus on SBA Products. FBFC is able to provide the relationship-based customer service typically found at strong community banks without the geographical limitations found at other financial institutions of our size. Additionally, FBFC has a robust team of SBA Packagers that is very experienced and efficient in processing SBA Loans. This has been a key element to our success, placing FBFC among the top 30 SBA 7(a) Lenders and top 10 SBA 504 Lenders nationwide. The following pages provide an overview of our SBA Products, applicable usage, significant restrictions, general terms, and eligibility. Please utilize this document as a tool in finding appropriate financing structures, and learning more about our SBA Products. Additionally, Will Mathee will always be available via phone or email, so please don’t hesitate to reach out anytime with questions or concerns. I look forward to working with you! Sincerely, Will Mathee Commercial Lender – SBA Specialist First Bank Financial Centre 155 W Wisconsin Avenue, Oconomowoc, WI 53066 [email protected] Office Phone: (262) 912-3911 Cell Phone: (262) 804-2372 Page | 1 Table of Contents: I. Standard SBA 7(a) Loans a. Program Overview & Loan Structure (Pg. 3) b. Advantages to the 7(a) Program at FBFC (Pg. 3) II. Standard SBA 504 Loans a. Program Overview & Loan Structure (Pg. 4) b. Eligibility per SBA Guidelines (Pg.4) c. Advantages to the SBA 504 Program with FBFC (Pg. 5) III. SBA 7(a) & 504 Combination Loan Package a. Program Overview and Loan Structure (Pg. 6) b. Benefits of the Combination (Pg. 6) c. Projects & Borrowers that Benefit Most (Pg. 6) IV. SBA 504 Refinance Loans without Expansion a. Program Overview & Eligibility (Pg. 7) b. Sample Sources & Uses (Pg. 7) V. SBA 504 Refinance Loans with Expansion a. Program Overview & Eligibility (Pg. 8) b. Sample Sources & Uses (Pg. 8) VI. SBA 504 Green Program a. Program Overview & Eligibility (Pg. 9) VII. The FBFC SBA 504 Process (Pg. 10) VIII. Lender Preferences (Pg. 10) IX. Closing Remarks (Pg. 11) Page | 2 I. Standard SBA 7(a) Loans SBA 7(a) Overview & Loan Structure: Equity Injection required is approximately 10% based on the total project cost. This figure is subject to change based on Borrower strength, however, we typically structure 7(a) loans as close to 90% leverage as possible. Loan Term & Amortization are typically 25 years when FBFC finances commercial real estate. Extended Interest-only periods are available prior to amortization during construction Interest Rates can be either floating or fixed for 5 years (fixed rates automatically adjust every 5 years). Eligible Uses of Loan Proceeds Include: Acquisition of Land and/or Real Estate; Acquisition of Furniture/Fixtures/Equipment; Construction; Construction Contingency; Interest-Reserve; Soft Costs; Startup Costs; Working Capital; Financing Fees; Marketing; refinancing of eligible debt; changes of ownership. Construction Contingency of 10% (based on total construction cost) required. An example of a 7(a) loan sources and uses is shown below. In this scenario, the Borrower would be purchasing land and constructing a new facility or remodeling an existing facility. Each 7(a) deal will differ slightly to address the Borrower’s needs. This Project includes funding for working capital, interest-reserve, soft costs, fees, etc. Sources Uses Description Dollar Amount % Description Cost % Bank Loan $ 1,800,000 90% Purchase Land $ 400,000 20% Borrower Cash Equity $ 200,000 10% Construction $ 1,050,000 53% Contingency $ 105,000 5% Soft Cost $ 115,000 6% Startup Costs & Marketing $ 150,000 8% Interest Reserve $ 120,000 6% Financing Fees & Working Capital $ 60,000 3% Total $ 2,000,000 100% Total $ 2,000,000 100% * Please note, this is an example that uses theoretical figures and is intended for discussion purposes only. Advantages to the 7(a) Program with FBFC: FBFC is an SBA Preferred Lender, meaning we can issue the SBA loan number at the Bank without separate SBA approval in California; in turn, this can help speed up the closing process for Borrowers. Additionally, we are among the top 30 SBA 7(a) Lenders nationwide. We have a robust team of Packagers and experienced backroom staff dedicated to processing SBA 7(a) loans. Mark McCune is our Chief Lending Officer and has exclusive signing authority, allowing him to approve loans quickly and independently (as opposed to a typical loan committee or dual-sign approval process) Page | 3 II. Standard SBA 504 Loans: SBA 504 Program Overview & Loan Structure: Equity injection as little as 10% down based on the total project cost. For startup projects this figure is increased to 15% based on the total project cost. Total project cost between $1MM-$20MM. FBFC holds onto 50% of the debt with a term/amortization somewhere between 30 and 32.5 years, depending on the project type and the incorporation of an interest-only period on the front end. FBFC offers fixed rates that will adjust on a 5 year basis. Additionally, we are able to provide an interest-only period up to 30 months prior to amortization FBFC provides an interim loan on approximately 40% of the debt that will ultimately be taken out by a CDC in the state of the project. Upon debenture funding, the Borrower locks in a 20 or 25 year fixed rate with the CDC (currently 3.462% for 20 years and 3.540% for 25 years as of October 1, 2019). CDC handles correspondence with SBA during interim period and facilitates the debenture closing. Complete applications can expect closing within 90 days. Sample Sources & Uses: Sources Uses Description Dollar Amount % Description Cost % Bank Loan - Permanent $ 3,000,000 50% Purchase Land $ 1,110,000 19% Bank Loan - Interim $ 2,400,000 40% Construction $ 3,800,000 63% Borrower Equity $ 600,000 10% Contingency $ 380,000 6% Professional Fees $ 210,000 4% Interim Interest $ 350,000 6% Fees & Closing Costs $ 150,000 3% Total $ 6,000,000 100% Total $ 6,000,000 100% *Please note, this is an example that uses theoretical figures and is intended for discussion purposes only. Eligibility per SBA Guidelines: Eligible uses of loan proceeds for purchases include: Land or Land with Building / Machinery & Equipment / Furniture & Fixtures. Eligible uses of loan proceeds for a new construction project include: Ground up Construction / Furniture, Fixtures & Equipment / Building Improvements / Renovations / Professional Fees. For a real estate project (existing building), the business must occupy 51% of the building on day one; 60% on day one for ground-up construction projects. If the loan proceeds will finance improvements on a leasehold interest in land, the 504 loan must be secured by a recorded lien against the leasehold estate, including Tenant’s right to encumber the leasehold estate. Page | 4 Advantages to the SBA 504 Program with FBFC: Tom Stapleton, The Director of 504 Lending at FBFC, is involved in the entire 504 Process and manages a small Packaging Team that works exclusively on 504 Loans. As FBFC’s “Resident 504 Expert”, Tom oversees everything from structuring and reviewing to packaging and closing 504 Loans. FBFC has developed strong relationships with CDC’s throughout the country. These relationships are very important considering the complexity of the 504 Lending and Debenture Process. Tom Stapleton handles correspondence with the CDC’s, ensuring all projects are in compliance with SBA Regulations. We have excellent fixed rate options for our SBA 504 products, which are paired with a 25-year fixed rate from the CDC that is currently ~ 1.5% BELOW Prime. We can do up to a 30-year amortization on the Bank’s portion of an SBA 504 Loan. In turn, this lowers monthly payments; boosting cash flow, helping maintain liquidity, and increasing financial stability. The extended interest-only period (up to 30 months) prior to amortization ensures Borrowers preserve working capital during construction and stabilization. Additionally, this feature greatly reduces the risk of shortfalls during the startup phase. Page | 5 III. SBA 7(a) & 504 Combination Loan Package Loan Structure & Overview: We often pair SBA 504 & 7(a) loans for new construction projects as this allows greater flexibility in the loan structure and preferable pricing. The 504 component is used to finance the real estate, construction costs, and eligible fixed-asset purchases because it provides a long term fixed rate on a significant portion of the project costs. The 7(a) loan can be utilized for working capital, equipment, startup costs, fees, etc. (generally, this is a much smaller note in comparison to the 504 Loan).
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