Please drop by to see our new headquarters on December 6th from 4 to 7 pm! It’s a great opportunity to catch up with old banker friends, munch a little, and enjoy some holiday spirits. The Annual Meeting will be held at 5 pm followed by the Top Lender Awards. We hope you can come – we are very excited about our new offices!
Please RSVP to Brenda Miller by Dec. 3rd (703-352-0504 or bmiller@businessfinancegroup.org)
First Annual Maryland Lender Reception
Please join us on Nov. 29th for our first Maryland Lender Reception and Awards Celebration!
We’ll be hosting the reception at the Candle Light Inn, 1835 Frederick Road, Catonsville, MD 21228 from 4 til 6 pm.
Please RSVP to Brenda Miller by Nov. 28th (see contact information above).
Waiver of 9 Month Look-Back
Often, a borrower starts a real estate project before applying for a 504 loan. The SBA rule states that eligible costs incurred within 9 months of application to SBA for a 504 loan can be included in the project. Land costs can always be included regardless of when the land was acquired unless financed with a permanent loan, and in that case, the bank would add the existing loan to its 50% portion of the 504 project costs. Additionally, the rule grants SBA flexibility to look back further than 9 months to include other costs by granting a waiver.
Historically, we have found SBA to be very flexible on granting this waiver; however, in recent months, that flexibility has been greatly diminished. Once the construction is complete, SBA is likely to consider the application as “refinancing” and decline the waiver request. We are recommending that borrowers submit their 504 application before commencing construction to be certain that we are able to include all the costs.
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