504 Refinance Requirements

504 Refi Requirements:

Been in business for 2 years or more
Conventional debt, debt must be at least 6 months old.  Note that existing debt is not eligible until 6 months have elapsed from the date of the last disbursement.  This would apply to loans with a disbursement period for construction etc.
Provide payment history for loan to be paid off.  Any delinquency in payments should be thoroughly explained in a letter of explanation to be reviewed during the credit underwrite.
Equity in the real estate used for down payment
If appraisal supports it, cash out up to 20% of appraised value is available for eligible business expenses
Existing debt subject to a federal guarantee is eligible under certain conditions – call PLP to discuss the conditions further