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Want to Put Less Money Down and Get Lower Interest Rates?

Take Advantage of the SBA 504 Loan With WBD.

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MORE INFO

REFINANCE

MORE INFO

Want to Put Less Money Down and Get Lower Interest Rates?Take Advantage of the SBA 504 Loan With WBD.

BUY

BUILD

REFINANCE

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Frequently Asked Questions for WBD 504 Borrowers

If your business has been struggling and you need to discuss it with us, please contact Steve Bonnell at 262-436-3014 or sbonnell@wbd.org.  

Yes. SBA 504 loans are assumable, subject to credit approval and eligibility requirement. There is a 1% assumption fee and the original guarantors cannot be immediately released without the SBA’s prior written approval. Please contact 504servicing@wbd.org or call Steve Bonnell at 262-436-3014.

Selling your business has direct consequences to your loan. Please contact the Servicing Department at 504servicing@wbd.org or call 800-536-6799.

The two loans involved with the SBA 504 project are now totally separate, and you do not need our approval to refinance the first mortgage. However, the new lender will probably make their financing contingent upon receiving a Subordination from the SBA.  If you plan on refinancing the first mortgage, please contact us at 504servicing@wbd.org or call 800-536-6799. 

You can view your loan balance at any time on the amortization schedule which was provided to you when your loan was funded. Your amortization schedule is a breakdown of your monthly loan payment for the life of your loan and is provided to you in lieu of monthly statements. You may also send an email to: 504servicing@WBD.org  or call 800-536-6799 and ask for the servicing department.

Each year in early February, WBD makes available an annual statement that you may request by contacting:  504servicing@wbd.org or calling 800-536-6799 and ask for the servicing department. If you are in compliance with the SBA Authorization and loan requirements, WBD will be happy to provide the annual statement. 

At the time of closing, the small business is required to name the SBA/WBD as Mortgagee on the Building Insurance and, if necessary, as Lender’s Loss Payee for personal property insurance for full replacement cost. WBD does monitor the insurance annually and must at all times have a current copy of your hazard insurance on the building and/or business personal property such as equipment. Please contact 504servicing@wbd.org or call 800-536-6799 with any questions. 

Yes. As part of the Loan Agreement, borrowers agree to submit tax returns on the operating company each year.  Please submit your returns via email to:  504servicing@wbd.org or by mail to 4618 South Biltmore Lane, Madison, WI 53718.  (WBD will send request for the tax returns each year as a reminder.)

If you want to payoff your loan and need a prepayment estimate, then please contact 504servicing@wbd.org or call 800-536-6799. SBA 504 loans have a very specific process and set of deadlines unique to each loan.  For this reason, your note indicates a 45-day notice with intent to prepay.  Please contact the servicing department to discuss the specifice of your loan.

No. SBA 504 loan payments only cover the principal, interest, and fees of the loan. It is the borrower's responsibility to pay property taxes.  WBD does monitor each loan to insure they are paid annually.  If you have any questions regarding property taxes, please contact 504servicing@wbd.org or call 800-536-6799.

Yes. If you want to change the account that is debited for your monthly payment, you can submit a new ACH form and cancelled check to WBD.  We must receive the form Prior to the 14th of the month (or the last business day prior if the 14th falls on a holiday or weekend) in order for the change to take effect the following month. If you have any questions please contact 504servicing@wbd.org or call 608-819-0390.