115-A, Largo, MD 20774, (301) 883-6900 *. Though applying for a 504 loan can take its own sweet time, it’s worth all the wait at the end of the day. Low cost loans to support industrial recycling throughout the state of Florida. The lender has less risk because the SBA 504 loan is in second position, The first mortgage lender gets CRA credits, Authorization to Release Credit (one for each of owner and or guarantor), Resume: Provide a current resume signed and dated (one for each owner), Last three (3) years of Personal Tax returns (for each owner and or personal guarantor). Small Business Administration (SBA) financing Bank of America financing guaranteed by the SBA may be right for your business. The debenture is backed by a 100 percent SBA-guaranty. Consider the following advantages of the SBA 504 program versus conventional mortgage financing: Advantages to the first mortgage lenders in a 504 project: Call us (317) 589-0118 for questions or contact us to for an SBA Business Loan application. 25-Year Fixed Rate Refinance: 2.593% Though the administration does not give out loans, it guarantees a fairly huge portion of the loans made by approved lenders and banks, providing small business owners low-interest, long-term mortgages, without much ado. 7(a) loans offer advantages to small businesses through extended terms and competitive pricing for the purchase or refinance of multipurpose owner-user real estate. 1st Five Yrs: 2.435%; Note Rate: 1.070% New Construction – Business must occupy at least 60% of project upon occupancy and 80% within 10 years. Our partners are direct SBA 7(a) lenders offering commercial real estate loans ranging from $200,000 to $5 million. (Ordinarily, banks require a 20 to 30 percent down payment on the purchase price.). Maturities of 10 or 20 years are available. Total projects from $125,000 to $20 million+. Interim Business Financial Statements dated within 60 days of Application Date (signed by principals), Accounts Receivable Aging (same date as interim balance sheet in item 9, signed & dated), Business Bank Statements – Three (3) months of business checking statements, Business Debt Schedule(s) – signed by principa, Personal Bank statements 3 months (or more), Current invoice from payroll provider (if available), Three (3) months of merchant statements (if your business accepts credit cards from your customers), Purchase Agreement (of purchasing existing business). Under the SBA 504 Loan Program, Florida First Multi-use vs. single purpose . You specialize in small business, we specialize in small business financing. Purchase of improvements, including grading, street improvements, utilities, parking lots and landscaping. Remodel, convert, expand or renovate existing building. (Ordinarily, banks require a 20 to 30 percent down payment on the purchase price.). Foresight Marketing, LLC, Chicago Small Business Loans – Funded in One Day, SBA 7 (a) Loan Application Form 1919 Borrowers Information, Fix and Flip Funding & Private Money Loans, Business Loan and Real Estate Service Area Indianapolis, Business Loan and Real Estate Loan Indiana Service Area, Business Loan Miami and Real Estate Loan Service Area Miami. Biz Fund Finder- Business Loans Fast This is very attractive for business owned properties, because most conventional commercial real estate loans have a loan term of only five to ten years. If you are looking at construction or renovation of a commercial building that would not be considered "multi-use" (able to be used by multiple businesses without much need for re-construction) then you will likely be required to put down 15% or possibly 20%. SBA Commercial Real Estate Loan in 2020. The 504 Loan Program defines a business as small if its net worth is under $7 million and net profits, after taxes, are under $2.5 million. financing for the purchase of capital assets, such as owner-occupied commercial real estate and/or fixed heavy duty machinery and equipment. understands the challenges unique to small businesses. This mortgage can be used to finance a range of business requirements, apart from real estate or equipment purchase.