SBA 504 Loans
SBA 504 Loans:
The Small Business Administration (SBA) 504 loan program was created to help small to mid-sized business owners acquire commercial property that they will occupy (at least 51% of the square footage) with a low down payment.
Now, as of February 2011, to help small business retain and maintain jobs, the SBA is now allowing 504 loans to refinance conventional loans where the owner has a note due, or a ballooning loan.
The New SBA 504 Refinancing Program May Be Just What You Need.
With the increase in fees on a 7(a) loan, your best choice for refinancing existing debt is the SBA 504 Loan Program.
The refinancing policy is now in place—and CMS Funding is accepting packages now!
- Refinance for existing loans up to $12.5 Million Property must be owner occupied (51% or greater)
- Debt must be at least two years old
- Business must have been in operation for the entire two year period
- Below market, 20 yr. Fixed interest rate
- Maximum LTV on the existing property up to 90%
- Federally Guaranteed Debt is not eligible for financing (7(a), 504, USDA)
- Additional Terms and Conditions May Apply Offer for a limited time only
REFINANCE CHECKLIST
1. Was the debt(s) to be refinanced substantially (85% or more) used for eligible 504 purposes?
2. Has the borrower been current (no payment deferrals or past dues of more than 30 days) on the note(s) for the past 12 months?
3. Has the debt(s) been outstanding for at least 2 years?
4. Has the subject business been in operation for at least 2 years
This is huge for owners who have declined by your local lenders!
Funds are limited, so don't hesitate if you have a loan coming due!
70% to 80% of banks and lenders are still unable, or unwilling, to lend due to losses on their books. We are Direct Lenders for the SBA 504 Program and can give you an initial approval in days and close in about 60 days.
Call me, Arthur, at 800-381-9827 or 860-946-6637 today!
SBA 504 loans can be used for purchases also.
We can do a SBA 504 in about 60 days allowing you to put your main focus on moving your business into new, more efficient space that will not only increase your profits, but build your retirement equity as you will be paying yourself the rent.
Presently, the Government is waiving the 2% origination fees on loans up to $5 million.
If your own your own business in leased quarters, there hasn't been a better time to find the perfect property for your business at a bargain price and purchase it with as little as 10% down.
Start looking for your business's new home and call me when you find it.
If your new busines home will expand your market to increase sales and profitability, use the SBA 7a program that allows financial projections allowing easier qualifying and/or a larger loan. Call for guidance.
Get even with your Landlord, --- become one!
Arthur
860-946-6637
