SBA 504 Loan in Kittitas County WAAnother of the Small Business Administration’s popular loan programs is called the SBA 504 loan. In a nutshell, the SBA 504 loan program is a long-term loan set with a fixed rate at 10-percent down. Know that it has the government-backed guarantee you desire and the terms and rates your small business needs to keep from a crippling small business loan without this vitally important protection. At SBALoanOnline, we provide SBA 504 loan services in Kittitas County and have developed a quick and easy process so you don’t have to worry about how to navigate the government’s sometimes tricky and confusing process.

SBA 504 Loan Specialists Near Me In Kittitas County Washington

Keep in mind, one of the primary reasons for owning your own business is to control your own business and personal fate, so don’t get into a loan or financial situation where you’re tied to rates and terms that tie you down. Let the highly skilled and trained experts at SBALoanOnline help you understand the SBA 504 program and how it can help you expand your capital access in the most financially friendly terms and rates. We’ll work tirelessly for you the moment you reach out to us for assistance. Each of our team members has tons of experience with SBA loan programs.

Get A SBA 504 Loan Today – (424) 343-1099

So if you’d like more information about the SBA 504 loan program and would like to obtain one today, call the nationwide experts at SBALoanOnline. One of our friendly and knowledgeable associates in Kittitas County WA is standing by right now to answer any question and get your application ready to roll, so to get a SBA loan now, call us at (424) 343-1099.

More About SBA 504 Loans

Qualifying For a SBA 504 Loan

The SBA 504 Loan is a program that also incorporates a neighborhood development corporation in Kittitas County. The loan is preferably appropriate for a small business that is interested in building or buying their owner-occupied industrial real estate.
The program works by bringing 2 lenders together to fund the purchase of commercial property. Normally, these 2 lenders are the CDC and a conventional lender or bank.
These plans work whereby the bank loans the borrower up to 50 percent, CDC loans up to 40 percent while the customer chips in the 10 percent normally as a cash down payment.

Loan Requirements for a SBA 504 Loan

There are two main requirements that your company in Kittitas County WA need to satisfy in order to receive a SBA 504 loan. These include having a credit history of 680 plus and a capability to make a 10 percent down payment for the project.
Besides the two, you will have to not have the needed financing form any other source or be associated with the real estate rental financial investment.
Your organization in Kittitas County WA will have to have a considerable net worth of less than $15 million, have the capability to make the loan payment on time from the anticipated operating capital from the business as well as inhabit 51 percent of the building.
SBA 504 loans are therefore ideal for any business that is interested in the purchase of commercial property and can guarantee 51 percent occupancy of the space while renting the remaining 49 percent.

Loan Terms and Interest Rates

Kittitas County SBA 504 LoanThe two various kinds of loan— from the bank and the CDC– that comprise the SBA 504 Loan normally have various terms, limitations, rates, and fees.
The rates integrated comprise the total loan rate on your CDC/SBA 504 Loan.
Generally, your business will pay an interest rate of in between 4 and 6 percent on the whole loan with a repayment length of 25 years.
The SBA sets a limit on the terms, fees and rate of interest that is given by the CDC which covers 40 percent of the entire project expense.
With a 10-year CDC loan, the fixed interest rate will be about 4.67 percent with a 20-year one having a fixed interest of 4.95 percent.

Traditional SBA 504 Loan Lenders

While the SBA sets the limit on the CDC loans, it does refrain from doing the same for the conventional lenders such as banks or other banks which leaves room for settlements for the loans.
Nevertheless, the rates of interest are usually in between 5 and 9.5 percent with a reset point. The loan amount for a SBA 504 loan is typically around $14 million.
Since borrowers can take on several 504 loans for several reasons, the loan amount can increase to $20 million.
As a company, if you are not interested in getting financing from a CDC, your best option is the SBA 7a loan.

Obtaining a SBA 504 Loan

The SBA 504 loan application is similar to that of the SBA 7a loan in regards to the amount of time and documents needed to get the financing.
Furthermore, your business will have to provide extra documents on the commercial property that is being funded.
In any case, consider an appropriate amount for your business and whether you can meet your lenders’ requirements.

Cities We Serve In Kittitas County

Learn More About Kittitas County WA

Kittitas County is just one of the many counties in Washington that we serve.,_Washington