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SpinDistribute.com Article Directory

The following article was published in our article directory on January 5, 2010.
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Here is All you need to know about SBA 504 Loan Program:

Article Category: Finances

Author Name: Shawn Shayestehfar

When business owners want to purchase owner occupied real estate properties, they should consider SBA's 504 loan program as financing option.

What is SBA 504 Loan Program? The 504 Loan Program allows the small business owner to purchase a commercial property as owner/user building with minimum of 10% down payment or equity injection like any SBA programs, SBA 504 loan has variety of rules and regulations and the fact that there are 3 parties involved with 504 loan, makes it even more difficult. However, it could be worth it to explore SBA option as most small business would qualify for this financing option and business owners can get a lot of benefits from this program. SBA 504 loans generally finance real estate for a much longer period than conventional real estate loans. Rates are also favorable and loan to value ratios are typically higher (up to 90% of appraised value of the property or project costs) than traditional conventional loans.

The typical structure of SBA 504 loan involves 3 parties. First a bank or lender originates the loan and approves it first, and is responsible for the first trust deed position of 50% of total loan amount. Then the local Community Development Corporation (CDC) participates for the second profit organizations designed to create jobs for community and assist in certain kinds of loans to small businesses. Small Business Administration (SBA) is the final party that guarantees 100% of the loan to both lenders. SBA does not lend money. Borrowers only interact with the primary lender throughout the loan process and CDC and SBA work together to spread risk of the transaction.

Eligibility: Business must be for profit entity and considered as small business under SBA standards. Under the 504 Program, the business tangible net worth must be less than $8.5 Million and the average after-tax net profit for the last two years may not exceed $3 million. The borrowing business must occupy at least 51% of the property and the subject business must be considered under the eligibility requirements of SBA guaranteed loan program.

Term, Costs and Fees: Bank portion can be amortized to 25 to 30 years with a 5, 7, 10 and/or 15 year call according to the current market rate. CDC/SBA portion will be fully amortized over 20 years and is fixed and fully amortized for the term of the loan. Total fees are approximately three (3) percent of the debenture and may be financed with the loan. However, SBA has waived all of their fees till further notice, which is a substantial saving to the business owners.

How to Apply: It's easy! Just like any loan, you are asked to fill out an application and provide specific documentation. At City Capital Finance, we provide a simplified package for the process, and will do all of the analysis, packaging, and SBA interfacing for you.

Turnaround Time: A typical SBA 504 undergoes two approval processes. First the Bank reviews the application. Once the Bank approves it, the application is submitted to the CDC for approval and the accompanying SBA approval. The procedure from complete application submission to disbursement of funds takes approximately 45 to 60 days, depending on the complexity of the loan.

http://www.easysbaloan.com
849 North La Cienega Blvd. STE B
Los Angeles, CA 90069
Phone: 310-598-5939
Fax: 310-510-6789

Keywords: SBA 504 loan, business loan, Commercial real estate loan, SBA Lender

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