Sunday, April 24, 2011


US Small Busin. Admin. refi

If you own a mixed use or commercial building the Small Business Administration is accepting refinance application. Unfortunately they will not refinance buildings that are all residential, the building needs to be at least 50% commercial use. I have heard they can be a little flexible on the 50% and can even count parking or basement space if it is used commercially. If you can qualify this is a great program with fixed rate, long term loans. The SBA 504 loan usually pairs with a traditional bank where the SBA loans up to 40% of the value and the traditional bank lends on the other 50%. The terms from the traditional lender may not be as agreeable but this is still a good option as there are so few choices if you own commercial or mixed use properties. The SBA 504 program in Chicago is administered by SomerCor. You can check them out at


This page is powered by Blogger. Isn't yours?