504 Refinance is Back!

attachmentAs if the poppy (yet turbulent) musical styling’s of Slim Shady don’t get you excited, Mountain West Small Business Finance is excited to announce we’ll be participating in the newly approved “504 Debt Refinance Program.”

What is it? The 504 Debt Refinance Program permits the borrow the ability to refinance an existing conventional loan into an SBA loan, allowing the benefits of a low fixed rate, and the ability to unlock existing equity in the land and building with the program’s cash-out provisions.

Who qualifies? All small business owners that have an existing conventional loan on their property and that have occupied the space for more than 2 years.

 When does the product go into effect? The SBA will start receiving applications on Friday, June 24; but Mountain West will start processing interested applicants immediately.

Why should I care? It was a huge success for the short time it was previously around, and it becomes another tool in the Lender’s arsenal to help their clients and increase their lending volume while reducing the bank’s portfolio risk.

How do I take advantage of the program? Learn more about the program by attending Mountain West’s Re-Fi Training held Wednesday, June 8 at 201 So. Main Street, Suite 1800 in downtown Salt Lake City at 2pm. RSVP to lboulter@mwsbf.com.

And if I have questions before the training? Contact dmangum@mwsbf.com, jblakesley@mwsbf.com or sdavis@mwsbf.com.