Bank insider reveals how gym owners can make millions using SBA

John Franklin (https://twitter.com/JohnIsBuilding) & Mateo Lopez talk to Angelo Medici, a senior VP at Live Oak Bank (https://www.liveoakbank.com/), where he reveals exactly how gym owners can use the bank to build their wealth really fast. Show notes: (1:39) What is Life Oak Bank and SBA lending? (6:12) What makes a gym bankable? (aka, good target to get a loan) (9:09) What is the debt service coverage ratio? (11:48) How can gym owners value their business? (13:33) Example of a deal structure as a buyer with SBA (15:51) Benefits of SBA lending (17:47) How can gym owners qualify for an SBA loan? (18:47) What do payments & rates look like for a $1M loan? (23:17) How do interest rates affect a business's value? (25:53) Can you borrow from other lenders to put equity into an SBA? (28:17) What does the SBA timeline & process look like? (33:41) Can you have multiple SBA loans? (37:35) If you're not profitable, can you still qualify for a loan? (39:06) How do banks calculate a gym's EBITDA number? (42:31) The BEST use of an SBA loan (46:27) If I profit more, am I obligated to pay off the loan faster? (48:15) What is a line of credit and how does it work? (52:49) Where should gym owners look for a broker? (55:10) I have no experience in business, can I still qualify for a loan?