Preferred Lending Partners

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It’s official: SBA-504 just got even better

President Obama signed the Small Business Jobs Act Sept. 27 that makes SBA-504 loans even more attractive to banks and borrowers.
The most immediate opportunity:

Fee reductions: 504 fee waivers for banks (.5%) and borrowers (1.5%) were extended through Dec. 31, 2010, or until the $505 million appropriated is used.

Increased Loan Maximum: 504 maximum loan size will permanently increased to $5 million ($5.5 million for manufacturers and energy loans)
Debt Refinancing: allows 504s for the next 2 years to be used to refinance real estate loans coming due on owner-occupied commercial property. This enables refinancing of qualified existing debt without business expansion
First Mortgage Pooling program: Extends the first-mortgage pooling program two years (at least through Sept. 2012)
Alternative Size Standard: pending an alternative applicable to both 504 and 7(a), establishes a standard of maximum tangible net worth of $15 million and 2-year average net income after federal income tax of $5 million, which will apply to both programs.

Preferred Lending Partners is proud of its commitment to the future of Colorado communities and business growth. Staff members have strong ties to our region and can offer clear perspectives on local business financing and regional commercial development.
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