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!
- The Third Party Lender IS NO LONGER required to be 50% of the appraised value of the fixed assets.
- The combined Third Party Loan and 504 loan cannot exceed 90% of appraised value and the borrower must contribute 10% equity
- Eligible business expenses include: upkeep and maintenance expenses; equipment; working capital; debt payments, real estate taxes, payment on line of credit.
- 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: