Lenders... The Security of Partnership
Additional Qualifications for SBA 504 Refinance Loan Program:
- Existing Conventional Debt must have been in place for at least 2 years.
- Multiple notes may be refinanced into the same project.
- Notes must be in the name of the small business.
- No delinquencies for the last 12 months.
- 85% of original loan proceeds were used for real estate and capital assets.
- Maximum LTV for a simple refinance is 90%.
- Maximum LTV for a cash out refinance is 75%.
- Minimum cash flow improvement of 10%, or refinancing a balloon note.
- Borrower is able to use their real estate equity as their source of down payment.
- The down payment requirement for Special Use Properties is lowered to 10%.
- Project must meet either the job creation or retention ratio, or one of 16 Public Policy goals. Click here for details.