FAQ – REFINANCE 7A LOAN INTO SBA 504 LOAN

Was 85% of original use of proceeds 504 eligible? (verified with Settlement Statement and loan disbursement documents).
Existing lender must provide letter they are unwilling, or unable, to modify current terms.
May refinance your own 7a loan only if sold into secondary market.
Note must have been in place for 6 months – no past due for past 6 months – borrower in existence for 24 months.
Bank certification letter – verification of eligibility (85% original proceeds test), not shifting loss to SBA (for same institution refinance).

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