Dear Signature Bank Customer,
Could your business benefit from refinancing its debt with the temporary changes to the 504 loan program recently made available by the SBA? Temporary changes to the SBA 504 loan program have opened the door for most small businesses to refinance commercial real estate or equipment debt at extremely favorable terms and conditions. Signature Bank has assisted numerous borrowers with this opportunity and can provide a business with the expertise needed to navigate the SBA 504 loan program.
The following are some of the eligibility requirements for this program:
- Proceeds are only to be used to refinance qualified debt and not used for expansion or purchase of real estate or fixed assets.
- Loan amount will be the lesser of 90% of current appraised value or 100% of existing loan balance.
- Funding for the refinancing must come from three sources: Not less than 50% from Signature Bank, not more than 40% from the SBA 504 loan, and not less than 10% from the borrower.
- Loans being refinanced must have been current for the past year with no payments being deferred or past due for more than 30 days.
- The borrower must have been in business for two years prior to applying for this program.
- The loans to be refinanced must have been incurred not less than two years prior to the date the application is submitted to the SBA.
- No proceeds may be used to refinance loans which are already part of an existing 504 project.
- The Borrower must meet certain eligibility and size requirements as determined by the SBA.
If you would like more information regarding this, and other programs offered by Signature Bank, please contact Commercial Banking Vice President Greg Woodin at 773-467-5636.
*Loans are subject to approval. Equal housing lender. Member FDIC. The SBA reserves the right to withdrawal or alter this offer at any time.
At Signature Bank, our mission is to exceed the expectations of our customers, investors, and employees. It's about building long-term, mutually beneficial relationships and approaching every relationship with enthusiasm, honesty, and integrity. With every interaction you have with our staff, you will experience these values.
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