Refinance Existing Debt
Dakota BUSINESS Finance offers an SBA 504 loan product that helps business refinance existing debt with long term, fixed interest rates.
Program Benefits:- Fixed interest rate for 10, 20, or 25 years
- Can lend up to 90% loan to value on projects
- If you elect to cash out, loan to value is limited to 85%
- Cash out is limited to 20% of the appraised value for eligible business expenses
- 75% or more of the original loan must have been used to construct, purchase, or improve owner occupied real estate or equipment
- 25% or less of the project can be incurred for the benefit of the small business
- 85% or more of the original loan must have been used to construct, purchase, or improve owner occupied real estate or equipment on debt refinancing with expansion projects
- 15% or less of the project can be incurred for the benefit of the small business
- Loan must have been in place for 6 months and can not have a late payment in the last 6 months
- A “substantial benefit” test may be needed if the original loan is not on a balloon payment