APEX Mortgage Corp. Introduces SBA 7(a) Loan Product to Expand Options for Small Business Borrowers
APEX Mortgage Corp., a subsidiary of Conshohocken, Pa.-based Firstrust Bank, has announced that it is now offering U.S. Small Business Administration (SBA) 7(a) loans for commercial real estate financing for its small business borrowers.
HORSHAM, Pa., June 4, 2019 /PRNewswire-PRWeb/ -- APEX Mortgage Corp., a subsidiary of Conshohocken, Pa.-based Firstrust Bank, which funds and services small balance commercial mortgages across the country, has announced that it is now offering U.S. Small Business Administration (SBA) 7(a) loans for commercial real estate financing for its small business borrowers.
Headquartered in Horsham, Pa., APEX is a leading provider of loans of up to $1 million to self-employed small businesses in 44 states across the U.S., particularly to those who may have been turned down elsewhere due to limited credit history or other challenges specific to small businesses. With the SBA 7(a) loan program, APEX will now be able to offer borrowers government-backed loans of up to $5 million. Further, as an affiliate of Firstrust, an SBA preferred lender, APEX can provide borrowers with a streamlined application process. Preferred lenders have increased authority "to process, close, service and liquidate SBA-guaranteed loans."
"We are thrilled to bring this new product offering to our customers and to small business owners across the country," said Valerie Sweeney, president of APEX Mortgage. "We've listened to our clients and worked with the SBA to bring our customers a more flexible product that will help them to grow their businesses with APEX at the heart of the deal."
The SBA product complements APEX's product offering by allowing for a larger loan size of $5 million and a loan-to-value ratio of 90 percent with similar terms and rates as the company already offers through other loan programs. Traditionally, APEX has focused on smaller loans of $25,000 to $1 million. The new product allows APEX to serve as a one-stop-shop for commercial mortgage brokers who are looking to explore a variety of loan products for their clients, including SBA 7(a) loans.
"APEX has worked for more than 25 years with small business owners to find solutions to meet their unique needs and challenges," said Sweeney. "Adding SBA 7(a) lending to our product suite was a natural progression for APEX and we are looking forward to sharing this product with our borrowers and our broker partners."
About APEX Mortgage
APEX is a small-balance commercial mortgage lender ($25K to $1MM) specializing in loans to self-employed business owners in 44 states across the country. APEX works to meet the unique needs and challenges of self-employed small business owners. From the pizza shop to the corner bodega, the businesses in APEX's portfolio are the fabric of the country's economy. In addition to its core program, APEX offers SBA finance and has experts on staff with more than 30 years of experience in SBA lending. APEX has operated in the small-balance commercial mortgage niche for more than 25 years to help small business owners achieve their financial goals. We're APEX, and we're at the heart of the deal. For more information, visit http://www.apexmtg.com/ or call 877-604-5304.
About Firstrust
Founded in 1934 and currently in its third generation of family ownership, Firstrust is a privately-held bank with assets of $3.2 billion. For more than 85 years, Firstrust has provided commercial, business, and retail services through its 18 banking offices located in Philadelphia, Bucks, Burlington, Lehigh, and Montgomery counties. Continuing to meet the needs of its customers, Firstrust offers a wide variety of commercial and business loans, deposit products, consumer loans, residential and commercial real estate mortgages, cash-management services and is a preferred Small Business Administration (SBA) lender. For more information, visit http://www.firstrust.com or call 800-220-BANK. Member FDIC.
SOURCE APEX Mortgage Corp.
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