In October, 2009, I decided to catch up on my realtor's periodicals. I picked up the October, 2009, issue of REALTOR magazine (see Page 10) where I read that NAR analysts identified 3 types of SBA loans that are applicable to sales associates. This article mentioned that the President of NAR, Charles McMillan had sought clarification from the SBA as to whether real estate practioners and brokers were eligible for the new federally backed loans. The SBA (Small Business Administration) responded that real estate practioners were eligible to apply for a new no-interest, no-fee, deferred payment short term loan called ARC--an acronym for America's Recovery Capital.
I thought to myself boy this is a great opportunity during this slow market. So, I called my bank and they agreed to investigate and contact the SBA about handling this loan. The bank got the approval to go ahead and they handed me an application that required about 4 days of my time to gather all the details required to apply.
I handed a package of financial info to my bank which they approved and then they begain the process of working with the Small Business Administration. After 2/3 weeks of no calls being returned by the SBA my bank simply threw up their hands and suggested other alternatives for me.
I remember the frustration expressed by automobile dealers with the Cash for Clunkers program.
Has anyone else tried to get an ARC loan
A spectacular site, just minutes from the major route between Austin and Houston, Texas, on the banks of the Colorado River, and covered with majestic live oak trees, lies waiting to be discovered for someone looking for incredible value and vision. Yes, the market for golf course property is in the tank at the moment, but just around the corner lies a new day where this terrific property will explode with the expansion of Bastrop and Bastrop County.
ColoVista is an 18 hole golf course community with established amenities that could be enhanced and redeveloped by a new owner, The price is right now! I am talking about 370+ acres, 18 hole golf course, clubhouse, restaurant, tennis courts, well for the golf course water, 150+ lots ready for sale and houses, infinity pool and vistas over the Colorado that go on forever.
Give us a call and let us describe the opportunity that exists at ColoVista in Bastrop for a new owner. Come and see this little jewel called ColoVista nestled along the Colorado River just east of Bastrop and Austin, Texas,
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Broker/Owner-ABR,CRS,GRI,e-pro, MBA - We are located in the heart of the area comprising Houston, Austin and San Antonio--a lovely area where we specialize in farms, ranches, and recreational land.
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