The SBA does not refinance a loan that already has an SBA guarantee in most circumstances, according to the SBA website. The SBA generally believes the borrower is already benefiting from the organization’s programs, and it would rather appropriate funds to a new borrower.
As an SBA-approved lender, 504 refinancing is available through First Bank SBA with the added benefit of same-day proposal assistance and loan approvals for within three business days.
Mortgage Rates Commercial A commercial mortgage is a very different product to a personal mortgage and there’s a lot more that needs to be taken into account. For a start, there are no ‘off the shelf’ products available, so you can’t apply online or compare rates as easily.
The Small Business Administration (SBA), for example, charges 3% of the SBA-guaranteed portion for loans between $150,000 and $700,000, with higher fees for loans over $700,000. If you don’t plan to own your company long enough to recuperate these additional costs, it may not be logical to refinance your small business loan at this time.
In general, you cannot refinance an SBA 504 loan with another SBA loan. The SBA will allow you to refinance the first mortgage if the SBA 504 second mortgage is re-subordinated. A modification of the SBA loan can be requested to adjust the terms, but that modification request must meet a strict set of requirements.
An SBA loan is usually based on the current prime rate plus an additional markup rate, known as the spread, of 2.25% to 2.75%. Based on the current prime rate of 3.5%, an SBA loan rate would range.
Other areas are: grant management oversight, SBA loan program risk management, business development program, disaster.
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