SBA Financing Needed for Starting a Residential Assisted Living Facility

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Hello Beau,

I have worked as an employee in the assisted living space for the past 10 years. I am trying to go out on my own and start a home.

What would the process be for getting financing lined up?

Thanks!
Gretchen

In this episode, Gretchen expresses her desire to start her own residential assisted living facility after working in the industry for 10 years. She plans to purchase a house and retrofit it to accommodate the facility. To obtain financing through the Small Business Administration (SBA), Gretchen must have her licensing in order and ensure that the property is zoned appropriately.

If permits and other requirements take several months to acquire, an extended escrow period may be necessary, and she should inform the seller about this. Alternatively, if Gretchen buys an existing residential assisted living facility, the SBA financing process becomes more straightforward, requiring three years of tax returns.

It is essential to have the necessary permits and licensing in place when starting from scratch, but in some cases, the SBA may consider the circumstances on a case-by-case basis.

Beau offers Gretchen assistance in navigating the SBA financing process and mentions their experience in assisting with various types of financing, including SBA 7a and SBA 504 loans.

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💥 Thanks for watching 💥
#SBA #SBAFinancing #ResidentialAssistedLivingFacility #AssistedLivingFacility

Timestamps:
(00:18) Having experience is always a plus in the industry
(00:39) Requirements for SBA financing for a residential assisted living facility
(00:59) Extended escrow and getting permits and licensing lined up for starting from scratch
(01:31) SBA financing for an existing residential assisted living facility

About Beau: Beau Eckstein is a real estate entrepreneur, TV personality, and commercial mortgage advisor, specializing in construction financing and multi-family lending.

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