If you’re an accountant looking for one more way to be in good-graces with your clientele, it makes sense to look at SBA’s recently approved 504 Debt Refinance Program or “ReFi” as the kids are calling it.
The new refinance program allows participants to get a fixed interest rate on a 10 or a 20-year term, and to consolidate debt (e.g. building, equipment, and working capital loans secured by commercial real estate).
Do you know of a client who:
- Has a balloon payment coming up on their commercial real estate loan?
- Is at a fixed interest rate currently above 4.08%?
- Needs working capital? Through the program, they can take cash out of equity in their building.
- Would benefit from a decreased debt service payment, i.e. monthly mortgage? The Refi program makes it possible through recasting the amortization period.
If you know someone who could answer “yes” to any of the above questions, reach out to a friendly neighborhood loan officer at Mountain West Small Business Finance to get more details on if ReFi is the right fit.