Commercial Real Estate Mortgage Refinance
19th April, 2011 - Posted by admin - No Comments
The US Small Business Administration has opened up a commercial real estate mortgage refinance program to a wider array of businesses. The temporary refinancing program that allows small businesses with maturing commercial real estate loans or balloon payments before Dec 21, 2012 to refinance to an SBA 504 loan has been expanded to include businesses with mortgages that mature or balloon after that date.
Many small business owners have found themselves unable to refinance after the collapse of the real estate bubble, and the temporary 504 refinancing program was first made available to those in the greatest need. The extension will help more businesses to restructure their debt and free up capital to keep their doors open. To be eligible, a business must have been in operation for at least two years, and the debt to be refinanced must be for owner-occupied real estate. Also, payments on that debt must be current for the past 12 months.
Posted on: April 19, 2011
Filed under: mortgage news
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