New provisions for the refinancing of SBA 504 loans ~ technoboxes

The new law on small jobs, it is a time window of two years on corporate bonds and commercial mortgages, equipment loans, lines, etc. refinance with 504 SBA loans. This right, regardless of the objectives of financing generally require the creation of jobs with the program 504 This makes 504 ready to be used to refinance existing debt, not to prove qualified in the general business world.

In other words, for the first timeborrowers can refinance with a commercial finance company in the long-term fixed rate. Total loans can be up to 12 million. Overall, this news is significant for the industry, as virtually everyone involved, including borrowers and bankers, government representatives have asked for this for years.

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Here are the dimensions of the qualification requirement.
The debts were more than 2 years.
The debt is not subject to a guarantee by a federal agency (ienot to refinance a loan SBA 7 (a) they may have).
The bond was used (ie, have the existing debt with a well, the SBA must be supported as eligible) for the purchase of goods 504 complaint (s)
The debt is secured by a fixed 504 eligible (s).
Borrower is current on all payments of at least one year. However, most banks require that there is no accumulation over the past five years (or more).
Amount of support (both the bank and SBA loans) isnot more than 90% of the value of the guarantee, the guarantee usually required in addition to the deficit (ie the maximum loan amount is about 90%. However, most banks will probably be less than that extended to 80% ).
Borrower is in operation for the entire period of 2 years until the loan.
The funding may also refinance the debt and pay for qualified expenses.
There is a particular description of the additional costs forFinancing. Borrowers will often have a "list of debts."
Must contain a detailed list of the amount of each expense. Can not be used for commercial purposes. Credit card or company credit cards and personal risk of being very difficult, the borrower must refinance in order to offer proof of each element, then the use of the document.

New provisions for the refinancing of SBA 504 loans

These recent changes in SBA 504 loan program are enormous. It will probably help many companies had to have the doorCommercial mortgage loans closed on them for three years. For example, the borrower, the loan amounts are over $ 2,000,000 with a loan to values above 60% is a perfect example. These borrowers have virtually no funding opportunities that conventional financing was difficult to do, had. In addition, borrowers have special properties as a target gas stations, hotels, car washes, etc., had virtually no options. Now that the recent developments of these borrowersOption should be much more loans through the SBA loan program 504.

New provisions for the refinancing of SBA 504 loans
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