In order to refinance SBA loan programs, there are a number of things that you will need to do.Many people get an SBA loan because they believe it to be the best route for them at the time, however, once they get involved with the program, they find that it may not be the best loan program for them.
Refinancing of an existing SBA loan is generally not allowed but may be considered if the borrower has new financing needs that the existing lender has declined or the existing lender has refused to modify the terms of the existing SBA loan to accommodate the new loan.
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If credit cards are being refinanced, SBA requires a borrower certification that the credit card has only been used for business purposes, and if a personal credit card is being refinanced, copies of receipts are required.
The SBA does not refinance a loan that already has an SBA guarantee in most circumstances, according to the SBA website. The SBA generally believes the borrower is already benefiting from the organization’s programs, and it would rather appropriate funds to a new borrower.
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The new calculator, named Refinance Debt with SBA Loan Calculator, will help business owners and potential sba loan borrowers determine how much they may save by replacing high-interest debt or other types of debt with a more favorable, lower interest rate, possibly longer term, SBA 7(a) small business loan.
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The SBA 504 Program can refinance up to 90% loan-to-value; 75% on cash-out loans A borrower can leverage up to 90 percent of the value of a commercial property to pay off qualifying debt.
Depending on the amount you want to borrow, you can use the funds from an SBA 7(a) loan from a SmartBiz marketplace bank for a variety of purposes like refinancing high-cost debt, hiring, inventory, marketing, or purchasing commercial real estate.
In general, you cannot refinance an SBA 504 loan with another SBA loan. The SBA will allow you to refinance the first mortgage if the SBA 504 second mortgage is re-subordinated. A modification of the SBA loan can be requested to adjust the terms, but that modification request must meet a strict set of requirements.
SBA loans can be used to refinance or consolidate existing non-SBA business loans. To qualify the current loan cannot be guaranteed by the government, must have unreasonable terms, and refinancing must reduce your payments by at least 10%.