504 Business Loans
504 Loan Fees
Approximately 2.16% of the SomerCor loan plus $3,000 for closing costs, financed into the loan. Amortized for 10 or 20 years, depending upon asset purchased.
Annual Servicing Fee
Currently 0.625% of outstanding balance calculated into monthly amortization payment.
SomerCor will collect a partial payment of the CDC Processing Fee equal to 1% of the Net Debenture Amount within 10 days of SBA Authorization. This partial payment will be returned to the borrower at the time of SBA funding minus a $1000 SomerCor Application Fee.
First Mortgage Lender Fee
0.5% of the First Mortgage Loan. This fee is paid out of pocket by the borrower at closing.