Pre-Payment Information (504/503 Borrowers only)

CTCIC will provide a pre-payment estimate upon request. Pre-payments must be made by 9 a.m. Pacific Standard Time on or before the established pre-payment date. Pre-payments may only be made on certain days:

• 504 Loan – 3rd Thursday of the month.
• 503 Loan – 2nd or 4th Thursday of the month (except November and December – 1st or 3rd Thursday)

SBA requires written notice (through CTCIC) from the borrower at least 30 days in advance.  Written notice can be faxed to the attention of Servicing, 203-776-6837, and should include:

• The month you wish to payoff
• The loan number(s) and property address
• The borrower contact and fax number
• Contact information of the bank or escrow company handling the payoff (if applicable)
• Letter must be dated and signed by the borrower

Final pre-payment figures are provided approximately 3 days prior to the pre-payment date for 504 loans, and on the day before the pre-payment date for 503 loans.

All Pre-payments must be wired

Insurance must remain in force until the loan is paid in full