SBA 504 Refinance is HERE!
Wednesday, Feb 16, 2011 -- The Small Business Administration (SBA) today released eligibility rules for the new 504 Debt Refinance Program.
This is phase 1 of a 2 phase program, intended to immediately address loans maturing on or before Dec. 31, 2012. At a later date, the SBA may allow other balloons, as well as loans that can demonstrate strong needs in other ways.
Here are the highlights:
- Amount of loan to be refinanced must include at least 85% eligible 504 project costs.
- Total of 1st and 2nd mortgage on new refinance 504 will be 90% and structured as follows: Bank 50%, Certified Development Company 40% and Borrower equity 10%.
- No refinance of loans already part of existing 504 project.
- Loan to be refinanced must be current for last 12 months.
- Debt must have been incurred not less than 2 years prior to the date application is received by the SBA.
- Small business must have been in business for 2 years prior to submission of application.
- Debt refinance of a bank's own debt cannot be sold through the First Mortgage 504 Loan Pooling program.
Whether you need a commercial loan to purchase or refinance our underwriters are professionally trained and are experienced in working with borrowers of all sizes. Thus, we can fund commercial loans anywhere in the country!
So please call one of our underwriters today!
Commercial Capital Ltd.
Tel: 863-298-8900
Email: loans@CommercialLendingPros.com
Website: www.CommercialLendingPros.com
Your #1 Source For Commercial & Business Financing
For more details about the latest in small business lending, visit our web site at http://CommercialLendingPros.com/SBA-Loans.htm
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