Here are some of the techie bits about the program to see if it is specifically applicable to your needs.
Loan to Value and Cash Out
A borrower can leverage up to 90 percent of the value of a commercial property to pay off qualifying debt. The loan splits between commercial lenders and companies like Enterprise Development remain the same.
The refinance can include cash-out to cover eligible business operating expenses such as salaries, rent, utilities, inventory, or other obligations of the business but the maximum loan-to-value would be lowered to 75 percent.
For the loan to be eligible to be refinanced it must have been in existence for at least two years prior to the date of application. The borrower also must have operated the business for the entire two-year period, proven by submitting financial statements at the time of application. If the ownership has changed (either partially or fully) within that time, then the SBA considers it a new business thus disqualifying the debt under the program rules.
The SBA requires proof that there were no late payments on the commercial loan being refinanced within the last 12 months from the date of application. This means that no payment can be more than 30 days past due.
The SBA 504 Refinance Program cannot be used to refinance an existing government guaranteed loan. Only conventional loans are eligible.
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