Eligible Locations: | MSAs within the Continental U.S. exhibiting strong economic and property-type specific fundamentals |
Eligible Use: | Acquisition and Refinance of Owner-Occupied, Hospitality, Multi-Use and Special-Use Properties |
SBA 504 Loan Amount: | $1,000,000 $15,000,000 |
SBA 504 Loan Term: | Up to 25 Years |
Amortization: | Up to 25 Years |
Loan to Value: | Up to 90% of FIRREA Appraised Value |
DSCR : | Minimum 1.30x DSCR on in-place cash flow |
Processing Fee & Expense Deposit: | $1,500 Processing Fee. $15,000 Expense Deposit |
Reserves: | Tax and Insurance |
Sponsor (s): | Creditworthy individual(s) acceptable to Lender with sufficient liquidity and net worth |
Borrowing Entity: | Operating entity that will occupy the commercial real estate |
Recourse: | Full-Recourse |
Assumability: | Yes in case of building sale for $1000 assumption fee |
Prepayment: | 5-Year Prepayment Penalties |