The SBA offers 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 FY22 fees. SBA 504 refi rates are approximately 3 basis points higher than debenture pricing noted above.
SomerCor Presenting at IBA’s Commercial Lending SchoolThe Illinois Banker Association is hosting its Commercial Lending School the week of October 17th. This hybrid event provides comprehensive training for both new and experienced lenders and credit analysts on how to to evaluate, structure, and negotiate a commercial loan.SomerCor is proud to be included in this event as a sponsor and subject matter expert. On October 19th, Eric Bacon, SomerCor VP and Loan Officer, will present on the structure of the SBA 504 program and the benefits for participating third party lenders.
Use the link below to register to learn more and sign up members of your commercial lending team. We hope you join us and the IBA online or in Springfield for this event!
In July, the U.S. Small Business Administration released guidance on the new SBA 504 ALP Express Loan Program. Limited to CDC’s, like SomerCor, with Accredited Lender Program status by the SBA, ALP Express can help expedite the approval, authorization, and closing of certain loans less than $500,000 – a great option for smaller projects to access capital faster! Click to learn more about ALP Express and the 504 Refi program enhancements that are already underway!
.png?upscale=true&width=1120&upscale=true&name=2021-2enhancements%20(1).png)
