- 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).