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:

Debt-Refinance Policy

If you have any further questions please feel free to contact us at 401-453-0118.