NEW, SIMPLIFIED SBA 504 REFINANCE LOAN

Major changes to the SBA 504 temporary loan refinance program create a unique opportunity to bring a bank's owner-occupied commercial real estate portfolio bank into regulatory compliance and reduce the overall commercial real estate portfolio concentrations.  An additional benefit of this refinance program is that it allows for withdrawing capital/business expenses to support ongoing business operations.

The basics of the SBA 504 refinance loan are simple:

• The debt to be refinanced must have been entered into at least 24 months prior to the SBA refinance application
• The qualified debt must be for a commercial loan which is current and has been paying as agreed under the original or modified bank terms for the past twelve months
• The eligible small business must currently occupy 51% of the property to be refinanced
• The refinanced amount can be up to 90% of the appraised value of the subject property
• Existing 504 projects and government-guaranteed loans are not eligible
• Cash out- business expenses that must come due (not paid) within 18 months of application

If you have any questions feel free to contact Brian Kearns at (805) 739-1665 x1 or bkearns@coastalbusinessfinance.com.

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