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SBA 504 Refinance Rules
1. SBA 504 REFI
Everything you need to know about the new SBA 504 Refinance Program,
condensed and simplified by the Experts in SBA 504 Loans.
* UPDATED AS OF OCTOBER 12, 2011
PROGRAM RULES: QUESTIONS TO ASK:
y Itemized Business Expenses (such as salaries, rent, ‰ Has the debt been outstanding for
utilities, inventory, paying-down payables and other
obligations of the business) are now eligible. at least 2 years?
y Maximum LTV is 90%. Additional collateral
(real estate and/or equipment) can be pledged to
‰ Has the subject business been in operation
supplement shortfall on project collateral. for at least two years?
y The amount of total financing cannot exceed 90% of
the fair market value of the fixed assets securing the ‰ Has the borrower been current (no past
loan or the outstanding principal balance of the debt dues of more than 30 days) on the note for
being refinanced, whichever is lower.
the past 12 months (even if the note has
y The SBA 504 loan will equal the difference between been modified, borrower must be "current"
the equity in the collateral (must be at least 10%) and
the first mortgage loan. on modified note)?
y The borrower’s contribution may be satisfied by its
‰ Was the debt to be refinanced
equity in the collateral being offered to the SBA.
substantially (85% or more) used for eligible
y An appraisal on all collateral, dated within 6 months
of application date, must be submitted to the 504 purposes originally (owner-occupied
SBA with application [we'll engage the commercial commercial real estate, heavy machinery,
appraiser(s)].
equipment, and closing costs related to the
y No refinancing of existing SBA 504 projects, SBA project)?
7(a) loans or USDA loans.
y No refinancing where the creditor on the debt is in a
position to sustain an involuntary loss. If you answered “YES” to the above questions, or if
you have any other questions we can help answer,
y This program is for refinancing only. No expansion or
purchase of real estate or other fixed assets (those contact us TODAY so we can get started!
can be part of a new 504 loan). Call // 1-866-622-4-504 (toll free)
y Refinance loans must be approved by 9/27/12.
Email // info@MercantileCC.com
y There has been $7.5 billion allocated for this program.
in SBA-guaranteed second mortgages. Visit // www.SBA504LoanRefi.com
Facebook // facebook.com/MercantileCC
Twitter // twitter.com/504Experts
YouTube // youtube.com/504LoanExperts
Blog // 504blog.com