March 3, 2010
What is the SBA 504 Refinancing Option?
On June 23, 2009 the SBA announced new refinancing opportunities through the SBA 504 Loan Program.
This was a permanent program change which allows you to include the refinancing of existing debt in your SBA 504 Project .
- Seller notes can be refinanced
- 50% of the Cost of Expansion in a Total Project can be used to refinance debt (Cost of expansion includes all Project Costs other than the Project Cost of refinanced debt)
- Borrower must have been current on all payments due on the existing debt for not less than 1 year preceding the date the CTCIC/SBA 504 Loan is approved by SBA
Find out if your project is eligible - Speak with CTCIC’s Loan Officers today!