Questions worth asking before you call.

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Working with Keystone

What kinds of financing do you work with?

SBA 7(a) and 504, owner-occupied commercial real estate, investment/income property CRE, DSCR loans, fix-and-flip, CRE bridge and value-add, working capital, and equipment financing. Business owners buying or expanding a business, and real estate investors of every stripe. If your scenario isn't obvious from that list, that's what the call is for.

Why work with a broker instead of going straight to my bank?

Because your own bank prices to people who don't shop. When you walk in first, they quote you a rate for a borrower who isn't comparing — that's not conspiracy, that's how banking works. Working with someone who understands bank policy from the inside means your deal gets shopped and your terms get pushed.

Are you a lender or a broker?

Broker and advisor. Keystone does not lend its own capital. I structure and place financing with a nationwide network of banks, SBA lenders, private and non-bank lenders across commercial real estate, SBA, business capital, and investor programs.

Do you work nationwide?

Yes. I work with borrowers and referral partners across the United States. Some specific loan programs have state-level restrictions, and I flag those early if they apply to your scenario.

My bank already declined. Is it worth calling?

Frequently, yes. Banks decline for reasons that have nothing to do with whether the loan will perform — wrong product, wrong lender, portfolio concentration, a risk appetite shift that happened this quarter. A short call tells you which side of that line you're on.

What does the first call cover?

Your scenario — deal type, timeline, what you've already tried, what matters most to you (rate, speed, structure). From there you get direct feedback on fit, realistic options if they exist, and exactly what would need to be in place to move forward. No pitch. Fifteen minutes.

Is there a fee for the initial call?

No. The call is free. Its only purpose is to figure out whether there's a deal worth working on together.

How are you paid?

It depends on the deal — sometimes the lender covers it, sometimes there's a fee. I'll walk you through it up front on our call, before you commit to anything.

Do you take small deals?

Yes — within reason. If your scenario is genuinely tiny or falls outside commercial lending entirely, I'll tell you honestly and point you somewhere useful.

What if my deal is straightforward and my bank is already competitive?

I'll tell you that on the call. If you have a clean scenario, a bank you already trust, and the terms they're offering are actually good — your best move is that bank. I'd rather send you back there than waste your time.

I'm a referral partner. How does this work?

Send the scenario — by call, email, or referral. I evaluate quickly and give you honest feedback on whether there's a path. If the deal closes, we discuss compensation. The goal is a relationship where you can confidently send deals knowing they'll be handled well and you'll hear back either way.

How long does a commercial loan take to close?

It depends on the product. DSCR and bridge can close in 2-4 weeks with the right lender. Conventional CRE typically 45-75 days. SBA 7(a) usually 60-90 days but varies significantly by lender — the specialists close them faster than the hobbyists. On the call I can give you a realistic range for your specific scenario.

SBA 7(a) financing

What is the maximum loan amount for an SBA 7(a) loan?

The SBA 7(a) program maximum is $5 million per borrower or affiliate group. Multi-partner or multi-entity structures can access more through separate qualifying borrowers, but each borrower is capped at $5M in total 7(a) exposure.

What can I use an SBA 7(a) loan for?

SBA 7(a) proceeds can be used for business acquisition, owner-occupied commercial real estate (purchase, construction, refinance), equipment purchase, working capital, debt refinance, and partner buy-outs. It's the most flexible of the SBA loan programs.

What credit score do I need for an SBA 7(a) loan?

Most SBA 7(a) lenders want to see 680+ FICO. Some specialty lenders will go down to 650 with strong compensating factors (industry experience, equity injection, cash reserves). Below 650 is difficult but not impossible with the right lender.

What's the difference between SBA 7(a) and SBA 504?

SBA 7(a) is a single loan up to $5M that can wrap real estate, business acquisition, equipment, and working capital together. SBA 504 is a structured two-loan combo (bank first mortgage + CDC second mortgage) specifically designed for owner-occupied real estate and heavy equipment, with longer-term fixed rates on the CDC portion. If you're buying just a building for a business you already own, 504 is often better. If you need one loan to do multiple things, 7(a) is more flexible.

What is the SBA 7(a) upfront guarantee fee?

For fiscal year 2026, the fee structure is: 0% for loans $1M or less; approximately 1.45% to 1.7% for loans between $1M-$2M; approximately 3.5% to 3.75% for loans over $2M. Fees change annually — always confirm the current schedule with your lender.

Can I use an SBA 7(a) loan to buy a business without any real estate?

Yes. Business acquisitions without real estate are a core use of SBA 7(a). Amortization is typically 10 years on business-only acquisitions. Minimum equity injection is 10%, up to 50% of which can come from a seller note on full standby if properly structured.

Do I have to personally guarantee an SBA loan?

Yes. SBA requires unlimited personal guarantees from any owner with 20% or more ownership in the borrowing entity, plus spousal guarantees in community property states. Non-owner spouses generally don't guarantee unless required by the specific lender.

SBA 504 & owner-occupied CRE

What is SBA 504 financing?

SBA 504 is a program specifically for owner-occupied commercial real estate and heavy equipment purchases. It structures as three loans: bank first mortgage (typically 50% LTV), CDC second mortgage backed by SBA (typically 40% LTV), and borrower equity (typically 10%). The CDC portion has long-term fixed rates (10, 20, or 25 years) which is often the biggest advantage.

What are the current SBA 504 rates?

SBA 504 CDC rates for 2026 are running approximately 6.5%-7.0% fixed for 25-year terms, depending on the specific debenture pricing at time of funding. Bank first-mortgage rates on 504 deals typically run at conventional CRE pricing (Prime-adjusted or fixed depending on the specific bank).

Do I need to occupy 51% of the building for SBA 504?

Yes. Owner-occupancy requirement is 51% for existing buildings and 60% for new construction (with a plan to occupy 80% within 10 years). Under-occupancy typically forces the deal into conventional CRE or SBA 7(a) real estate.

How much down payment do I need for SBA 504?

Standard equity injection is 10% for established businesses buying existing properties. Higher equity injection required for special-use properties (15%), new businesses under two years old (15%), or when both apply (20%).

Can I use SBA 504 to refinance my existing commercial mortgage?

Yes, in some cases. SBA 504 refinancing is allowed if the existing debt is 2+ years old and the refi provides substantial benefit to the borrower (typically 10%+ payment reduction). Rules were expanded in recent SBA SOPs — check current eligibility with your lender.

Investment property, DSCR & investor loans

What is a DSCR loan?

A DSCR (Debt Service Coverage Ratio) loan is a rental property loan that qualifies the borrower based on the property's cash flow rather than the borrower's personal income. If the rent covers the mortgage payment by a required ratio (typically 1.0x to 1.25x), the loan qualifies — regardless of the borrower's W-2 income, tax returns, or debt-to-income ratio.

What DSCR is required for a DSCR loan?

Most DSCR lenders require minimum 1.0x-1.25x DSCR on the subject property. Below 1.0x (rent doesn't cover the mortgage payment) is possible with some 'No Ratio' or 'DSCR under 1' programs but typically requires higher down payment and higher rate.

What down payment do I need for a DSCR loan?

Typical DSCR loan down payments are 20%-25% for purchase and 25%-30% for cash-out refinance. Higher DSCR (1.25x+) can get you to the low end; borderline DSCR often requires more down.

Can I use a DSCR loan for a fix-and-flip?

DSCR loans are designed for rental properties held for cash flow. Fix-and-flip typically uses different products — fix-and-flip loans, hard money, or CRE bridge loans — designed for short holding periods with a resale exit strategy.

What's the difference between DSCR and a conventional investment property loan?

Conventional investment property loans (Fannie/Freddie) qualify the borrower on personal income, tax returns, and debt-to-income ratio, and cap out at 10 financed properties per borrower. DSCR loans qualify on the property's cash flow, don't require tax returns, and have no property count cap — designed for investors building portfolios beyond conventional limits.

Bridge, hard money & short-term

What is a commercial bridge loan?

A short-term (typically 6-36 months) loan used to bridge between a current situation and a permanent financing exit. Common uses: acquiring a property fast when conventional lender timing won't work, funding value-add renovations before permanent refinance, or providing capital during a lease-up or stabilization period.

What's the difference between bridge and hard money?

The line is fuzzy, but generally: bridge loans are underwritten more like traditional commercial loans (borrower financials matter, DSCR matters, rates typically 8%-11%), while hard money is primarily asset-based (LTV of the property is what matters, borrower financials less critical, rates typically 10%-14%). Both are short-term with permanent refinance as the exit.

How fast can a bridge loan close?

Bridge and hard money loans can close in 2-3 weeks in urgent situations — sometimes faster with strong sponsors and clean properties. Compare to conventional CRE at 45-75 days and SBA at 60-90 days. That speed comes at the cost of higher rate and shorter term.

Underwriting basics

What is DSCR and how is it calculated?

Debt Service Coverage Ratio = Net Operating Income (NOI) divided by Annual Debt Service. Example: property NOI of $150,000 with annual mortgage payments of $120,000 has a DSCR of 1.25x. Lenders use it to measure whether the property (or business) generates enough cash flow to comfortably cover the loan payment.

What is LTV and why does it matter?

Loan-to-Value = Loan Amount divided by Appraised Value. Example: a $650,000 loan on a $1,000,000 property is 65% LTV. Lenders use LTV to measure their downside risk in a foreclosure — lower LTV means they can recover more if things go wrong. Every loan product has maximum LTV limits.

What is a Quality of Earnings report and when is it required?

A Quality of Earnings (QoE) report is a third-party accounting analysis that normalizes a business's earnings — adjusting for one-time items, owner-related expenses, and accounting choices — to produce a clean view of the business's true recurring earnings. Under SBA SOP 50 10 8.1 (effective October 1, 2026), QoE is required on any SBA business acquisition of $3 million or more.

How do lenders decide what interest rate to offer me?

Five main factors: loan size (bigger loans usually price tighter), collateral quality (real-estate-secured prices better than unsecured), borrower credit and cash flow strength, industry (some industries price differently), and — most importantly — which specific lender you're at. Two lenders on the same deal can quote rates 50-75 basis points apart.