TAKE ADVANTAGE OF SBA 504 REFINANCING NOW!

TAKE ADVANTAGE OF SBA 504 REFINANCING NOW!

Submit Applications to SEED by August 31, 2012!*

Up to 90% OF CURRENT APPRAISAL! Cash Out for Business Expenses.

Low Fixed Interest Rate for 20 Years at 4.55%!

CALL US AT (508) 822-1020

*SBA 504, SBA 7A & OTHER FEDERAL LOANS NOT ELIGIBLE
 

–Refinance Small Business Clients with High Interest, High Monthly Payments on
  Buildings or Heavy    Machinery and Equipment.

–Refinance small business clients with balloon payments due on their real estate.

–Refinance Small Business Clients Needing Cash Out of Their Building for Business
   Expenses– Rent, Utilities, Salaries, Inventory or to Pay Down a Line of Credit.

 

SBA 504 REFINANCING REQUIREMENTS

  1. 1. SBA 504 general structure of 50/40/10 applies – Bank 50%; SBA “504” 40%; Client 10% (equity on building);
  2. 2. Debt to be refinanced qualifies if the original loan financed at least 85% of eligbile “504” fixed asset costs and the debt was incurred at least 2 years prior. The bank must certify that the debt meets all requirements;
  3. 3. The loan must be “current”, no payments more than 30 days past due on original or modified payments including deferments (modifications by 10/12/11);
  4. 4. Eligible business expenses must be substantiated by bank statements, cleared checks or paid invoices. (Incurred prior to refinancing or up to 18 months afterwards);
  5. 5. The project refinancing is based on appraised value. Appraisal can be no older than 6 months;
  6. 6. The debt to be refinanced must have been secured by the “504” eligible assets, and business must occupy at least 51% of the space;
  7. 7. The small business must have been in operation for at least 2 years prior to the date of application; and job creation/retention requirements have to be met;
  8. 8. Expansion projects are not eligible as part of the refinancing;

 


Contact

Lisa Holmes (Team Leader), Laurie Driscoll,
Anne Trevisani or Lindsey Williams with any questions 

 

Click Here for more Information on SEED’s Loan Programs

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