SBA 504 Loan in Spokane 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 Spokane 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 Company Near Me In Spokane 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 Spokane 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 integrates a community advancement corporation in Spokane County. The loan is preferably suitable for a small business that is interested in building or purchasing their owner-occupied business real estate.
The program works by bringing 2 lenders together to fund the purchase of commercial property. Typically, these 2 lenders are the CDC and a traditional lender or bank.
These plans work whereby the bank loans the customer up to 50 percent, CDC loans as much as 40 percent while the debtor chips in the 10 percent typically as a cash deposit.

Loan Requirements for a SBA 504 Loan

There are 2 primary requirements that your organization in Spokane County WA should fulfill in order to get approved for a SBA 504 loan. These consist of having a credit history of 680 plus and an ability to make a 10 percent down payment for the project.
Besides the two, you will have to not have the needed funding form other source or be involved in the real estate rental investment.
Your organization in Spokane County WA will need to have a significant net worth of less than $15 million, have the ability to make the loan payment on time from the anticipated operating cash flow from business along with inhabit 51 percent of the building.
SBA 504 loans are therefore ideal for any company that is interested in the purchase of commercial real estate and can ensure 51 percent occupancy of the space while leasing the remaining 49 percent.

Loan Terms and Interest Rates

Spokane County SBA 504 LoanThe two different types of loan— from the bank and the CDC– that comprise the SBA 504 Loan normally have different terms, limitations, rates, and costs.
The rates combined make up the overall loan rate on your CDC/SBA 504 Loan.
Normally, your business will pay a rate of interest of between 4 and 6 percent on the whole loan with a payment length of 25 years.
The SBA sets a limitation on the terms, fees and rate of interest that is given by the CDC which covers 40 percent of the whole project cost.
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 financial institutions which leaves room for settlements for the loans.
Nevertheless, the rates of interest are generally 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 numerous 504 loans for numerous projects, the loan amount can increase to $20 million.
As a business, if you are not thinking about getting financing from a CDC, your finest alternative is the SBA 7a loan.

Getting a SBA 504 Loan

The SBA 504 loan application is similar to that of the SBA 7a loan in terms of the amount of time and documentation needed to get the funding.
In addition, your company will need to provide additional paperwork on the commercial property that is being funded.
In either case, consider an appropriate amount for your organization and whether you can satisfy your lenders’ requirements.

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