Opening of Ace Hardwood Store. Loan provided by Commercial Loan Direct.
Commercial Loan Direct offers SBA loans including the 504 program and the 7a program. Please note that the House and Senate are making some important changes to SBA loans and the 504 program as part of the new economic stimulus package.
-Multi-Use Properties
SBA 504 Loan Refinance - Now Available
Newly enacted legislation will allow small businesses to refinance existing debt within the 504 program. These permanent changes will permit 504 debt refinancing:
Not Sure How to Refinance Under the 504 Program?
USES Proceeds may be used for the refinance of existing loans whose proceeds were used substantially (85%) to acquire fixed assets eligible for the SBA 504 program. In addition, loan proceeds may be used to pay Eligible Business Expenses such as maintenance of building (no expansion to building), equipment purchases, rent, utilities, inventory or other obligations. These expenses must be incurred but not paid prior to the date of the application or come due within 18 months of the date of the application. All proceeds must have been used for the benefit of the small business concern.
STRUCTURE AND BORROWER EQUITY
The Third Party loan and the 504 loan combined may not be more than 90% of the fair market value of the fixed assets securing the loan. In no event may it exceed the outstanding principal balance of the debt refinanced, eligible business expenses & closing costs. COLLATERAL An independent appraisal supporting the fair market value of the fixed assets being refinanced and any other assets being offered as collateral whether commercial or residential must be submitted at SBA application. The appraisal(s) must be dated within six (6) months of the date of application. FEES The Borrower is required to pay an annual guarantee fee to cover the cost of the refinancing program in the amount of 1.043%.
ELIGIBILITY REQUIREMENTS
RESTRICTIONS
CLOSING
Approved under the Small Business Jobs Act of 2010, the SBA 504 Temporary Refinance Program allows for the refinance of qualified debt under the SBA 504 Loan Program through September 27, 2012.
Effective immediately, Commercial Loan Direct is accepting loan applications that include refinances. Please give us a call if you have questions or would like to discuss a specific situation.
The SBA 504 Loan Program Is one of the best financing vehicles available for new and expanding businesses. With up to 90% loan-to-cost available under SBA 504 loans, owners of small and mid-sized businesses can preserve capital and maximize cash flow to better afford purchasing commercial real estate instead of leasing. Our borrowers get real estate financing with less money down, longer fixed rate terms, and great customer service and turn around times from Commercial Loan Direct.
What Clients Say About Us
Fernando and Leanne are amazing. I had many small businesses that need refinancing over the years. I have met many Brokers and there is always a catch. ALWAYS!… Use them! Once you do you will work with them forever
- Nirav Patel
If you searching for a great experience Commercial Loan Direct is the place. Leanne took care of me and honestly had the greatest experience. She handled all of my needs in a smooth and timely manner listened and addressed any concerns I had about the process and was very patient. I can be quite a handful at times and Leanne was so professional and kind hearted. I'd 100% recommend this company. Thank you again.
- Vincent Arias
We were in unfamiliar territory when it came to refinancing. Commercial Loan Direct streamlined the whole process for us. Leann connected us with lenders that were the right fit for us. The money and time we saved was so worth it. I highly recommend them
- Rita Pisarski
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