504 - Re-Finance

Qualified Business Debt

    • Must have been in place for at least 2 years, and current for last 12 months
    • Must be secured by an eligible 504 fixed asset (Real Estate, Equipment)
    • Must have been used for the benefit of the Operating Business
    • Existing Federal Guaranteed Debt is ineligible for refinance
    • Maximum LTV is 90%

Other Secured Debt

    • Debt outside of "Qualified Business Debt" - short term debts, operat ing debt.
    • Must have been in place for at least 2 years from date of submiss ion
    • Current for last 12 months

Eligible Business Expenses

    • Working capital, payroll, rent, Inventory or other obligations
    • Must have been incurred but not paid prior to submission and must be coming due within 18 months of submission date
    • Must provide description and use of proceeds with applicat ion
    • Projects that include Qualified Debt and Business Expense max LTV 75%

Eligible Borrowers

    • Must have been in operation for all of the two year period ending at the date of application
    • Any ownership changes that have occurred in that period will make the business be considered a start-up and therefore ineligible for refinance
    • Operating Business must occupy at least 51% of the subject property
    • Appraisal is not required at time of loan submission