Obtain another 504 Loan?
Many 504 borrowers have obtained second or third 504 Loans to finance
additional locations, expand an existing location, or purchase machinery
and equipment. Subsequent applications are simplified since we already
have an active file of information, and your loan request can be
processed with a minimum of paperwork.
Contact us to find out about another 504 Loan.
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Find out my loan balance?
Check the loan amortization schedule provided to you after closing.
If you can’t locate the amortization schedule, contact
us for a copy.
Find out the amount of interest paid on
my loan?
Annually, Form 1098 is provided to the borrowing entity stating
the interest paid on the loan for the most recent calendar year.
Alternatively, you can check the loan amortization schedule provided
to you after closing. If you can’t locate the loan amortization
schedule, contact us for a copy.
Change my automatic payment to a new
account?
A new ACH Form is needed. Contact us
by e-mail and we will forward the ACH Form to you. A copy of a voided
check from the new account will need to be attached to the completed
ACH Form. You can return the information to us by FAX or e-mail.
Change my address or other information?
Contact us by e-mail, FAX or phone to
provide the updated information.
Prepay my loan?
Remember that your 504 Loan can be assumed. 504 Loans are funded
via the sale of bonds which requires a slightly different payoff
process than a typical bank loan. Partial prepayments are not accepted.
If you have an SBA 504 Loan:
- We must have 45 days written notice that the loan is going to
prepay.
- 504 Loans can only be prepaid on the 3rd Thursday of every
month.
- A $1,000 good faith deposit is required to lock in your prepayment date and is not refundable if your loan does not payoff. The deposit is due 10 days prior to the scheduled prepayment date.
- All payoffs and deposits are made by wire transfer.
- Prepayment premiums may apply. Premium levels decline at every
loan anniversary date and are eliminated once half of the term
has passed (i.e., after 10 years, there is no prepayment premium
for a 20 year loan).
If you have an SBA 503 Loan:
- We must have 45 days written notice that the loan is going
to prepay.
- 503 loans can only be prepaid on the 2nd and 4th Thursdays
of each month except November and December (1st and 3rd Thursdays
due to holidays).
- If your loan funded after June, 1985, a $1,000 good faith deposit is required to lock in your prepayment date and is not refundable if your loan does not payoff. The deposit is due 10 days prior to the scheduled prepayment date.
- All payoffs and deposits are made by wire transfer
- Payoff may include a prepayment premium or discount, depending
on the note rate and current interest rates.
PLEASE CONTACT US RIGHT AWAY IF YOU ARE CONSIDERING PREPAYING YOUR LOAN.
Comply with the loan requirements for…?
Insurance
- Property must be insured for the full insurable value on a
replacement cost basis.
- Business Finance Group and SBA are named as “Mortgagee”
on the policy.
- Your agent should provide us with a new certificate annually.
Real estate taxes
- Please check with your local taxing authority to determine
when your real property taxes are due. No escrow for taxes has
been included with your loan and you are responsible for paying
the taxes.
Financial statements
- Please submit your annual business financial statements and/or
tax returns no later than 4 months after your year end. If your
financial information is not available in the required time frame,
please contact us.
Job reporting
- At the 2 year anniversary of your loan funding, Business Finance
Group will request current information on the number of employees
at your company.
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