In December 2012, the 20 year “all-in” fixed rate for 504 loans fell below 4.0% for the first time in the history of the program. Also, the 10 year rate, which adjusts every two months, is at a record low, hovering just above 3.05%. It is a great time to use the 504 program.
In October, we welcomed Rosemarie Finn to our underwriting staff. Rosemarie has a long and distinguished banking career, with the majority of her time spent with Bank of America. In a very short period, Rosemarie has learned the ropes and has really helped us improve our responsiveness. After four consecutive years of record growth, we needed to add to staff to maintain/improve our application turnaround time. Even with substantial volume over the past quarter, with the addition of Rosemarie and the continued hard work of our underwriters, we do not have a backlog. All completed applications are at the SBA or being actively worked on by our underwriters. The result is an incredibly quick turnaround time.