Questions and Answers
Ask a Question
We welcome your questions about SBA loans, and you may ask us your questions directly by contacting our Portfolio Specialist or our Vice President / Portfolio Manager. We will reply to your inquiry within one to two business days. You may also call us at 781 891 3594 to ask your question(s).
Several frequently asked questions about SBA 504 loans are listed below with the answers.
How can I find out what I paid in fees and interest last year?
Each year by late January / early February, you can expect to receive a notice itemizing the interst and fees you’ve paid for the previous year. As long as your payments are made in a timely manner, you can also refer to your amortization schedule to see accurate information about your fees and interest paid.
How do I pay my loan off early?
During the first 10 years of your loan, there would be a pre-payment premium for paying your loan off early. This premium declines each year. To minimize the interest due, you may pre-pay your loan the month before your loan’s semi-annual debenture date.
Can I refinance my first mortgage loan without having to pre-pay my SBA loan?
We will subordinate your SBA loan to a straight refinance of your first mortgage loan if you decide to refinance the first mortgage. If you are looking for additional funds, please contact our Portfolio Manager.
Is my SBA 504 loan "assumable"?
A qualified buyer of your building can assume your loan for an assumption fee of 1% of the remaining balance of the loan. In these cases, no pre-payment penalty applies. For more information, please contact our Portfolio Manager.