Improved 504 Refinance Program

November 15, 2015

The 504 Temporary Debt Refinance Program is friendlier!  The borrower can convert equity into much needed cash to utilize for eligible business expenses!

  1. The Third Party Lender IS NO LONGER required to be 50% of the appraised value of the fixed assets.
  2. The combined Third Party Loan and 504 loan cannot exceed 90% of appraised value and the borrower must contribute 10% equity
  3. Eligible business expenses include: upkeep and maintenance expenses; equipment; working capital; debt payments, real estate taxes, payment on line of credit.
  4. These are NOT eligible business expenses:  purchasing new property; building onto an existing building; new construction; purchasing a new business; or buying out a co-owner.

Call RMI today to discuss your 504 refinance project:  800/234-4971