SBA 504 Loan in Thurston 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 Thurston 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 Companies Near Me In Thurston 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 Thurston 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 includes a neighborhood advancement corporation in Thurston County. The loan is ideally suitable for a small business that has an interest in building or purchasing their owner-occupied industrial real estate.
The program works by bringing 2 lenders together to fund the purchase of commercial property. Normally, these two lenders are the CDC and a standard lender or bank.
These arrangements work whereby the bank loans the debtor as much as 50 percent, CDC loans up to 40 percent while the debtor chips in the 10 percent usually as a cash down payment.

Loan Requirements for a SBA 504 Loan

There are 2 primary requirements that your business in Thurston County WA should satisfy in order to get approved for a SBA 504 loan. These include having a credit score 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 any other source or be associated with the property rental financial investment.
Your company in Thurston County WA will need to have a considerable net worth of less than $15 million, have the capability to make the loan payment on time from the expected operating cash flow from business in addition to inhabit 51 percent of the building.
SBA 504 loans are therefore perfect for any business that is interested in the purchase of commercial property and can guarantee 51 percent tenancy of the space while renting the remaining 49 percent.

Loan Terms and Interest Rates

Thurston County SBA 504 LoanThe two various types of loan— from the bank and the CDC– that comprise the SBA 504 Loan usually have different terms, limits, rates, and fees.
The rates combined make up the overall loan rate on your CDC/SBA 504 Loan.
Generally, your company 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, costs and rates of interest that is given by the CDC which covers 40 percent of the entire 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.

Conventional SBA 504 Loan Lenders

While the SBA sets the limit on the CDC loans, it does not do the same for the conventional lenders such as banks or other financial institutions which leaves space for settlements for the loans.
Nevertheless, the interest rates are usually between 5 and 9.5 percent with a reset point. The loan amount for a SBA 504 loan is typically around $14 million.
Because borrowers can take on numerous 504 loans for numerous reasons, the loan amount can increase to $20 million.
As an organization, if you are not interested in getting funding from a CDC, your finest alternative is the SBA 7a loan.

Requesting a SBA 504 Loan

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

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