Small enterprises trying to develop and expand their operations through the acquisition of commercial property and “go green” will benefit environmental surroundings and their important thing with as much as 90% fixed rate of interest funding beneath the SBA’s 504 Green Loan Program offered through Florida First Capital.
The trick to Financing Several SBA 504 Jobs
Business people whom be eligible for SBA 504 financing can be qualified to receive multiple SBA second mortgages as high as $5.5 million per 504 green friendly task; nonetheless, the outstanding gross debentures released for a small company concern, including its affiliates, should never go beyond $16.5 million into the aggregate. These quantities aren’t paid down by virtually any outstanding SBA funding (7a, Community Advantage, regular 504).
Furthermore, there isn’t any restriction in the number of the first home loan of a 504 task and so no project size that is maximum. Quite often, qualified borrowers with jobs surpassing $20 million can still get as much as 90% funding.
Great things about the 504 Green Loan system
- As much as 90% funding at below-market, fixed interest levels – No interest that is future fluctuations.
- As much as $5.5 million from the SBA second home loan part per task to not ever surpass $16,500,000 into the aggregate.
- Total tasks from $125,000 to $20 million+.
- 10-, 20- and 25-year amortization terms available.
- Associated charges and costs that are soft be financed into the loan (architectural and engineering charges, appraisals, shutting costs, etc.).
Eligible Use of 504 Green Loan Profits
The next green initiatives meet the criteria for approximately $5.5 million per task of SBA 504 funding supplied they meet with the following requirements: