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The company provides retail loan and lease programs through auto dealers for customers across the credit spectrum. [4] They also offer commercial lending products, such as retail floorplan, construction and real estate loans, or insurance for car dealerships. Before its acquisition by GM, the company ranked at 768 on the Fortune 1000. [5]
There are three partners in an SBA 504 loan—the borrower, a bank or other regulated lender, and a CDC. Typically the borrower must contribute 10% of the total project cost; their bank lends 50% at their own rate and term (as long as the term is at least 10 years), and has a first lien on the assets being financed; and the CDC lends 40%, with a second lien.
Across all US banks with over $100 billion in assets, commercial real estate represents 12.5% of their aggregate loan portfolios, according to an analysis by S&P Global Ratings.
The company opened its 100th DriveTime dealership in Concord, North Carolina, northeast of Charlotte, in 2007. [33] The company also announced the completion of a new loan-servicing center in Mesa, Arizona, replacing one in Gilbert, Arizona, with 100 employees hired immediately and 300 more planned. [34] [non-primary source needed]
SBA loans: With SBA loans, you get access to loans up to $5.5 million for various business purposes, and if the loan is over $25,000, it will likely require collateral.
In 2003, he became an executive vice president, by 2005 he was the president and by 2007 he became chairman and chief executive officer of the company. [3] [4] In 2009, the company acquired commercial lender Column Guaranteed, a subsidiary of Credit Suisse. [5] In 2010, the company became a public company via an initial public offering. [6]
Commercial real-estate problems and high interest rates could create a "too many to fail" scenario for regional lenders, finance professor says.
The US Small Business Administration (SBA) does not make loans; instead it guarantees loans made by individual lenders. The main SBA loan programs are SBA 7(a) which includes both a standard and express option; Microloans (up to $50,000); 504 Loans which provide financing for fixed assets such as real estate or equipment; and Disaster loans. In ...
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