Pay Off My Loan
You can make prepayments on your SBA 504 loan on a monthly basis. To pay off your outstanding loan balance, please contact us in writing, via email, fax, or letter. In your letter, describe your request to pay off your loan. To set up a payoff date, you are required by the CDC (as the borrower) to provide written notice to establish your payoff date. SBA 504 loans can only be prepaid on the third Thursday of each month, provided advance written notice is given. If you would like to reserve a prepayment date, we must receive written notice by the 1st of the month that you intend to prepay.
Your letter, email, or fax must include the following information —
- The month and date on which the loan is going to be paid off (please note that this has to be a third Thursday).
- Your SBA loan number(s) and the address of the property.
- Your full contact information: phone number, email address, and/or your fax number.
- Any new mailing address if you expect to move from the address of the property on the loan.
- Your signature and the date on which the letter is signed by you.
Send your letter to our Portfolio Specialist.
In addition, after you have sent your letter, email, or fax, we recommend that you call our Portfolio Specialist to confirm receipt of the written notice of your intent to pay off your loan.
Be aware that the best months in which to pay off your loan are the months before your semi-annual debenture dates. To confirm your semi-annual debenture dates, call our Portfolio Specialist. In this way, you can avoid additional fees and principal interest.