| The 504 Loan Is Better Than Ever
As a result of the Economic Aid Act, significant fees will be waived on 504 loans approved by September 30, 2021. This includes The CDC processing fee (1.5% of SBA loan), and The Third Party Lender Participation Fee (0.5% of lender’s permanent loan). This fee elimination is subject to availability of appropriations remaining for the fee offset.
The combination of a low equity requirement, terms up to 25 years, and fixed rates at historic lows, makes the 504 program better than ever. In addition to financing the purchase or expansion of commercial real estate, 504 loans may also be used to refinance conventional real estate and equipment loans. For more information, please contact a TCM loan officer.
Note: 10-year 504 loan fundings occur on an every other month basis. The above rate reflects the 10-year 504 rate for the May, 2021 funding. |
