The 504 Refinance product is now available – applications are being taken immediately.
The interest rate on the refinancing product is 4.4 basis points higher than the traditional 504 loan.
The successful applicant for an SBA 504 loan will have:
- For-profit status
- Under $5 million profit (after taxes)
- Under $15 million net worth
- Been in business for at least 2 years
- Be accompanied by a current appraisal (within the last 3 months)
- Building must be occupied at least 51% by business or businesses