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These loans are available for acquistion of land or buildings, new construction of buildings, and in the case of the 7a, you can put up a building or build out property without the need for a seperate constructon loan. Obviously one of the primary benefits of an SBA construction loan is the leverage that is available.
This very high loan to cost is possible because SBA construction loans do not require that the lender maintain a specific loan to value or loan to cost with the 7a due to the fact that the primary requirement used for qualifying is the cash flow of the business and the debt service coverage of the business AFTER closing. The SBA loan fees for this transaction total approx 2.
Logically, small business construction loans require borrowers to pay for any costs incurred prior to closing, but since almost any of the typical construction costs are financeable, the lender will re-imburse the borrower by financing those costs into the loan.
In many cases a borrower might not qualify for an SBA construction loan like this if they could not roll their current debts into the new 25 year loan, so the flexibility this program provides allows borrowers with existing expensive debt to suddenly have a manageable debt load and it can be the difference between an approval and getting turned down. You do need to be careful with loans like these, however, because if you borrow in this fashion you need to be sure that it is the right thing for your business.
Should your business have a significant drop in revenue then a construction loan like this could put you in a precarious position, so like anything else, you need to really evaluate your business and decide if this is the right thing to do. In either case, these loans can be the right fit for a lot of small businesses so they are definitely worth a look.
Additionally, there are a number of acceptable sources of down payment for SBA construction loans including the ability to borrow the down payment, gifts, investors, some retirement programs and in some cases, seller financing.
The SBA program is quite a bit more restrictive than the 7a with regard to use of proceeds, but it does offer more attractive terms.
Most construction lenders will offer a 5 year fixed with a 25 year amortization and some will offer a 30 year amortization. This loan is paired with the 2nd mortgage which is always a low rate 20 or 25 year fixed rate.
Admittedly, each scenario is different and small busness construction lending can be complicated so an in depth discussion about the best construction loan for your project is is usually warranted. This can be very helpful in that the 7a is a more flexible type of loan than the and the lender can essentially finance whatever they feel is necessary for the borrower. Historically, many borrowers have used the SBA program to finance hotel construction as hotels are expensive to build especially where land values are high.
Self storage is another area where SBA loans provide an excellent option for borrowers looking to conserve cash when applying for a commercial construction financing. Manufacturing facilities of almost any type also use the progam to get very good long term financing for a commercial construction project. The can also be used in conjuction with Industrial Revenue Bonds to make for even more attractive terms. Larger assisted living facilities and all types of senior care construction projects are also a good fit for the Deep sea tugs come in several varieties, including 1 the standard seagoing tug, 2 a notch tug that works with a specially designed barge, 3 integrated tug and barge that lock together, and 4 articulated tug and barge that hinge together.
These vessels are the largest, most powerful and most seaworthy of the tugboats. These are a group of specialized vessels or equipment that perform specific tasks at sea.
They include:. Also known as floating cranes , these are ships designed for lifting heavy loads. The very biggest crane ships are used in deep ocean and offshore construction and are often monohulled, semi-submersible or catamaran designs. Smaller crane ships are barges that operate in rivers, coastal waters, sheltered waters, and ports. A harbor pontoon crane barge has a crane mounted on a pedestal or on rails that permit movement.
These platforms allow on-water construction for moderate and deep-water projects. The various types include spar, semi-submersible, tensioned leg and extendable draft platforms. The platforms typically have low buoyancy, but the biggest ones have higher buoyancy, requiring side tanks. Floating water platforms must be able to withstand severe weather and hurricanes. Power platforms produce and transmit oil, gas and electricity.
Oil platforms are usually fixed installations located at key points within an offshore oil field. Offshore wind turbines rest on floating platforms tethered to the ocean floor.
The main types of vessels include:. Tugboats or towboats when operating on rivers are responsible for maneuvering other ships by pushing or pulling via direct contact or tow lines.
They are necessary when large ships must maneuver in crowded conditions, like those at harbors and in canals. They also move vessels that are not self-propelled, like barges, oil platforms, log rafts, and disabled ships. Tugboats can serve as icebreakers, firefighting boats, and salvage boats. Harbor tugboats are smaller and wider than seagoing ones and must operate in shallower waters. These are flat-bottomed ships that operate on canals and rivers.
Barges can carry heavy cargos or haul garbage. They have an outer hull in either a curved bow or box configuration and an internal cargo box. Those that are not self-propelled require a tugboat for movement. B arges may have a waterproof top to protect against the elements. There are many types of barges. For example, there are:. These are specialized ships that remove and relocate material from a waterway to deepen the channel or recover useful material.
The two main types of dredgers are suction and mechanical ones. Suction dredgers suck material through a pipe that has a device on it to disturb the submerged material. The different types of suction dredgers include 1 auger, 2 cutter, 3 trailing, 4 jet-lift, and 5 airlift.
Mechanical dredgers make direct contact with the submerged material. The different types include:. There are many types of vessels that operate offshore, on the continental shelf. Many perform service tasks that support other vessels and structures.
There are several types listed below. These vessels handle oil-rig anchors, tow the anchors to the rig and attach the anchor to secure the rig. Sometimes, these vessels also act as supply transports and emergency response vessels.
Anchor handlers have winches and open sterns to store anchors on the deck. The vessels also have specialized onboard machinery for handling and quickly releasing anchors. These are large structures that facilitate well drilling to extract underwater oil and gas formations. Platforms are often like small cities, housing and caring for stationed personnel.
Floating platforms can be towed and positioned where needed. Other platforms are fixed to the sea floor. Platforms may connect to multiple wells through umbilical connections and flow lines. A jackup rig is a mobile offshore drilling unit with moveable legs that can raise the platform above the water surface image of a red oil transfer ship in front of a large oil rig below. These ships supply gas and oil platforms.
Their typical length is 50 to meters. These vessels transport goods, equipment, and personnel to the platforms and related offshore structures. Supplies often include diesel fuel, drilling mud, water, chemicals, and pulverized cement. Offshore oil wells often need some type of intervention to correct problems or increase production. One type of intervention vessel performs well stimulation by temporarily adding drilling capacity to the rig or platform.
In some cases, these vessels can drill the primary well, replacing the conventional drilling oil rig. They also can pre-drill the top sections of undersea wells. These vessels ship oil from an off-shore oil field constructing pipelines is either not desired or simply inappropriate.
The tankers have dynamic positioning equipment to help maintain their position relative to the oil platform. They also have an arrangement of pipes for off-loading as well as advanced safety systems to snuff out fires. These are floating vessels that serve the offshore gas and oil industry. These vessels receive the well output, and process and store it until it can be offloaded onto an oil tanker or pipeline.
Some vessels are purpose-built, while others are converted oil tankers. These are merchant ships that carry passengers rather than cargo over water.
The three main categories of commercial passenger ships are ferries, ocean liners, and cruise ships. These ships are used for pleasure voyages where the ship itself is the main attraction. They often stop at ports of call to allow passengers to visit many different destinations on one cruise. Cruise ships typically make round trips, as opposed to ocean liners that make line voyages. However, cruise ships and ocean liners share similar designs, including thick hulls and high freeboards.
They are usually very luxurious, with entertainment, bars, restaurants, and quite often gambling. Currently, the largest cruise ship is the Symphony of the Sea, owned by Royal Caribbean International. These are merchant vessels that carry passengers over limited distances, often making multiple stops.
They are a form of public transportation that can be much more economical than bridges and tunnels. There are many types of passenger ferries. For example, these include:. Whatever the type, ferries typically dock at specialized facilities known as ferry slips. RORO ferries can have an adjustable ramp, known as an apron, to facilitate loading and unloading. These are the large ships that transport passengers across oceans and seas.
These ships are usually quite luxurious with dozens or hundreds of passenger cabins. These strongly built ships have thick hull plating and a high freeboard to stand up to rough seas. Ocean liners are small floating cities that must accommodate a large amount of fuel, food and other consumables. Perhaps the most famous ocean liner currently operating is the Queen Mary 2, with a gross tonnage of , A shipping line is a company that provides cargo ships for commercial transport, but the owner container provides the containers.
Sometimes the shipping line owns the containers aboard, but not in every case. COCs belong to the entity that owns the cargo, while SOCs belong to the shipping line and are leased out to the cargo company. GP stands for General Purpose container, which is the standard size shipping container. There are also 40HC and 40HW containers, which are 1 foot higher and wider, respectively. An off-hire cargo ship is unavailable for commercial transport.
On behalf of the ship owners and charterers, the shipping agency manages the process of commercial transportation from port-to-port. If the manager is an individual, they are called shipping agents. One excellent resource is the aptly named Shipping and Freight Resource , which provides visitors with a wealth of learning resources and tools. Shipping is a cyclical business.
An important metric for measuring the future profitability of shipping lines is the number of ships currently under construction added to the number currently available for hire. Because it typically requires 4 years to build a cargo ship, the maximum number of cargo ships that will be available for leasing over the next 4 years is fairly predictable. The smaller the number of ships available for hire, the higher the cost of leasing a ship.
Notice: JavaScript is required for this content. Ship Financing. Ultimate Guide to Ship Financing We provide ship financing for the building, refurbishing, refinancing and purchase of commercial cargo and cruise ships, as well as other marine assets.
Structure of Typical Arrangement During the ship financing pre-delivery phase, a bank provides a pre-delivery construction or refurbishment maritime loan. Types of Maritime Vessels The two primary types of maritime vessels include commercial ships and passenger ships. Commercial Ships The location of the operation decides the categorization of commercial ships.
Cargo Ships Cargo ships carry cargo across the seas. There are six categories: 1. General Cargo Vessels These ships transport packaged cargo like motor vehicles, machinery, food, dry chemicals, clothing and much more.
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