Refinancing Now Available with 504 Program!
This program can now be used to refinance existing debt and the rules have recently changes to provide more flexibility.
Recent Program Improvements Include:
* Loan-to-Value Limitation for the Financing of “Business Operating Expenses” increased from 75% LTV to 85% LTV
* Minor changes in ownership of the business within the past two years will no longer prevent an application from moving forward
* The borrower/lender friendly interim loan option that worked so well in 2012 is back-- in addition to the Escrow Account option
* Appraisals are now allowed to be dated within one year of the 504 Loan application (instead of 6 months)
See our updated Eligibility Checklist here.
For more detailed information contact your local WBD Loan Officer.