504 Business Loans

504 Loan Fees

At SomerCor, our goal is to make borrowing money as efficient and affordable as possible. Here’s an overview of our low cost and highly competitive financing rates.

Borrowers Fees

Processing 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.

Application Fee/Deposit
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.

Bank Fees

First Mortgage Lender Fee
0.5% of the First Mortgage Loan. This fee is paid out of pocket by the borrower at closing.

Contact Us

Chicago Main Office
601 South LaSalle, Suite 510, Chicago, IL 60605 map
P: (312) 360 3300   F: (312) 757 4370   Email

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