504 Debt Refinancing Program Details:
Eligibility and Related Definitions:
- The Borrower must have been in operation for all of the two year period ending on the date of application
- Max 90% LTV on refinance-only loans
- Loans are cash-out eligible up to 85% LTV
- Any refinancing under the 504 Debt Refinancing Program must include Qualified Debt
- “Qualified Debt” means a commercial loan: in which substantially all (85% or more) of the proceeds were used to acquire an Eligible Fixed Asset
- “Eligible Fixed Assets” are one or more long-term fixed assets, such as land, buildings, machinery, and equipment, acquired, constructed or improved by a small business for use in its business operations.
- All 504 Refi projects must adhere to the 504 Program job creation and retention requirements
- No late payments in the past 12 months; proof must be presented
For full details on the Debt-Refinance Program please visit the PDF below:
If you have any further questions please feel free to contact us at 401-453-0118.