February 2021 SBA 504 Rates Are Out!
The February 2021 SBA 504 debenture pricing was competed on February 11, 2021.
25 Year Term 2.75%
20 Year Term 2.71%
10 Year Term 2.44%
SBA is offering a 504 Loan with a 25-year maturity for the acquisition of owner-occupied commercial real estate and related costs. This is in addition to the 10 and 20 year loans currently available in the 504 Loan Program. Loans are typically eligible for up to 90% financing of project costs. Rates include monthly servicing fees to CDC, SBA, and central servicing agent; based on SBA FY21 fees. SBA 504 refi rates are approximately 4 basis points higher than debenture pricing noted above.
Meet Our New Chief Lending Officer & Chief Credit Officer
SomerCor is proud to announce the hire of leading SBA banker, Margaret A. Griffin, as EVP, Chief Lending Officer, and the appointment of Brian Comiskey, CPA , as EVP, Chief Credit Officer.
With a combined 35 years of industry experience, Griffin and Comiskey assume these key leadership roles as part of a strategic growth plan and a continued commitment to outstanding customer service and best-in-class SBA compliance.
SBA 504 Program Enhancement Update
The SBA and IRS provided guidance on key SBA 504 program enhancements that can serve in creating and enhancing business client relationships:
- Temporary fee eliminations
- Extension of CARES Act Payments
- Tax reporting requirements of CARES Act Payments
Learn more about how your clients can save with our sample term sheet.
