Changes Make Refinance Easier for Small Business Owners
As you’re more than likely aware by now the SBA 504 Debt Refinance became permanent nearly a year ago, and the SBA has been processing applications for five months. Now we want to share a couple of recent changes to the program that make it easier for small business owners to refinance their owner occupied commercial real estate debt.
- The maximum refinance loan-to-value for loans where cash is taken out for business expenses has been increased from 75% to 85%.
- Changes have been made that make it less restrictive when it comes to ownership changes for eligible companies.
- Appraisals can now be one year old instead of just 6 months.
You can read some of the major details of the refinance program on our website, and as always you can contact us to discuss your specific project.
We’re currently looking at many refinance deals but we have room for many more. We would love to talk to you about any commercial real estate deals be it refinancing an existing loan, buying, building and/or renovating owner-occupied real estate.
– Your 504 Experts