Government Small Business Loan Allows SBA (504) Refinance Loan

Rite Aid Pharmacy, Ticonderoga NY by NNECAPA, on Flickr
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Under the recent Small Business Jobs Act $15 billion is now available for debt refinance under the 504 program. It took a while for the SBA to implement it but the regs are now out. This is huge for those doing 504 loans because it allows refinancing up to 90%! To be eligible, the property must be owner occupied, (at least 51%), and have a non-SBA loan coming due before 1/1/2013. For properties that have lost value over the last few years, this loan can be a HUGE!
Many property owners are getting calls from their current bank lenders saying, due to lower values and loan cut backs, they will not “roll over” their existing loan. The new 504 program arrival is a timely answer.
The Commercial marketplace just keeps opening up and, that is great news for commercial brokers. It is also good news for the economy. As businesses get capital, expansion and, job creation happens. It is a neat time to be in commercial. To find out how you can maximize commercial lending in your area, give us a call today at 866-400-8630.
P.S. Remember, owner occupied businesses with balloon notes coming due by 2012 can now refinance up to 90%! This is HUGE for commercial RE owners who have seen properties fall in value over the last couple of years. To find out more, call today at 866-400-8630.
Wishing you the Best,
Karen Schimpf
Phone: 512-650-8630

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Here’s A Little Bit About Me. 20+ years in the finance industry, I rose to the level of Assistant V.P. with Chase Manhattan. While working for Chase, I decided that I wanted to have residual income without having to quit my job. I bought my first apartment building in 1996, three days before my wedding.

In 2001, I decided I would leave the corporate world and work for myself in a net branch environment.

My passions are helping people get commercial mortgage loans. I also am passionate about investing, working out and being with my family and friends.

  • Small businesses often are found to rely on capital for furthering their business. Small business loans can help them achieve this goal. Enterprises in an expansion phase, in need of working capital, or chalking out growth plans, can apply for small business loans as this can prove to be very advantageous.

  • Hi,
    I heard about the Small Business Jobs Act and the Small Business Loan Fund that is a $30 billion pool fund, refer – What is the $15 billion fund exactly?