Three reasons why you should consider calling us: (1) As part of the Covid Economic Relief Act,all Borrowers will get SIX months of payment subsidies which includes principal, interest and fees on all new SBA 7(a) and SBA 504 loans APPROVED between February 1, 2021 and September 30, 2021.(2) Loans can be used to: Purchase a business property with just 10% Down!, Purchase a business with just 10% down, 90% Ground Up Construction Financing, Business Debt Consolidation, Business Expansion and Leasehold Improvements. (3) 20-year fixed rate 2.754%, 25-year fixed rate 2.851%, 10-year fixed rate 2.249%.
The SBA 504 Loan Program is a partnership between a lending institution, a Certified Development Company (“CDC”) acting on behalf of the SBA, and the business owner. Under the SBA 504 Loan program, a lending institution will lend 50% or more of the total project cost, the CDC will provide a minimum of 40% of the total project cost and the business owner will generally provide an equity injection of 10% of the total project.
The SBA’s 7(a) program provides guaranties to Lender needing a credit enhancement in order to approve a non-conventional commercial mortgage to a business owner. Typically, these guaranties are used if the loan to value exceeds 75% of the property value, the property or business acquiring or refinancing the real estate is deemed special use or high risk or the business has some other credit weaknesses that require an additional credit enhancement. The program makes loans through a lending institution, guaranteed by the SBA. The 7(a) program benefits include:
No Minimum Credit Score | Any Owner Occupied Property Eligible
No Maximum Loan to Value Projection Based Financing Allowed