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Can I Prepay My SBA 504 Loan?

My question is can I prepay my SBA 504 loan, if yes then what is the process?

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Yes, you can prepay your SBA 504 loan; but SBA 504 loans are funded in a different way as compared to bank loans and consequently have specific repayment terms. Loan assumption may be a possible alternative to loan repayment based on your current situation.

Posted on May 09, 2016

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2 Answers

What is an SBA loan?


Here is a wikipedia entry that has more in-depth information
https://en.wikipedia.org/wiki/SBA_504_Loan

Oct 04, 2016 | The Computers & Internet

1 Answer

Where Can I Use The SBA 504 Loan?


Entrepreneurs can use SBA 504 loans for land and building purchases, new construction or maintenance, leasehold upgrades and purchases of heavy machinery and device. They also can be used for soft costs along with title searches, appraisals, attorney's fees and many others.

Jun 09, 2016 | The Computers & Internet

1 Answer

What Are The Terms Of The SBA 504 Loan?


SBA 504 loans used for the expansion or acquisition of real estate with a term of 20 years, at the same time as equipment loans generally have a term of 10 years. The SBA 504 loan has a low rate of interest, that's fixed for the term of the loan.

Jun 03, 2016 | The Computers & Internet

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What Loan Amounts Are Available With The SBA 504 Loan Program?


The maximum SBA 504 loan amount is $5.5 million. There is no maximum overall project fee. The SBA portion cannot exceed 40% of the eligible project costs.

Jun 02, 2016 | The Computers & Internet

1 Answer

What Loan Amounts Are Available With The SBA 504 Loan Program?


The maximum SBA 504 loan amount is $5.5 million. There is no maximum overall project fee. The SBA portion cannot exceed 40% of the eligible project costs.

Jun 02, 2016 | The Computers & Internet

1 Answer

What Are The Charges Involved With SBA 504 Loans?


Fees involved with SBA 504 loan; SBA fees, approximately 2.5% of SBA portion of the loan and secondly the lender fees, negotiated with the lender, but usually 1-2% on lender loan.

May 27, 2016 | The Computers & Internet

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What's The Purpose Of The SBA 504 Loan And Why Does It Exist?


The SBA 504 loan gives economic development funding that is intended to encourage private sector investment in fixed assets, the consequences of which will increase productivity and creates new jobs. The local tax base is likewise improved through adding property on which taxes are primarily based. The SBA 504 loan program offers long-term, low down payment, fairly priced fixed rate financing to healthy and expanding organizations that have the possibility of creating new jobs.

May 09, 2016 | The Computers & Internet

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What Type Of Advantages Does The SBA 504 Loan Offer?


With low down payments and low, fixed, long term interest rates, the SBA 504 loan allows businesses retain working capital. It eliminates the uncertainty associated with refinancing and balloon payments, enabling long-term planning and business enterprise expansion. For lenders, the loan gives lower risk through shared financing, a low loan-to-value ratio and the capability to earn CRA credit.

Mar 15, 2016 | The Computers & Internet

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What Type Of Collateral Is Taken To Get An SBA 504 Loan?


Collateral taken to acquire the SBA 504 loan usually consists of a second mortgage at the land and property or a second lien on the equipment that is financed.

Feb 17, 2016 | Computers & Internet

1 Answer

Why Should I Think About An SBA 504 Loan?


The Small business Administration 504 Loan program offers benefits to smaller businesses. The advantages include low lower payment (permitting the small company to preserve capital), longer terms, and bigger loans than might be available via a conventional loan.

Aug 12, 2015 | Computers & Internet

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