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Welcome to the gritty inside truth to running your Main Street Business! Learn what it takes to start, run, scale, protect, and yes make a profit in your business from one of the leading experts in business today. Charles Musgrove has guided countless Main Street Entrepreneurs through the pitfalls of running a profitable business. Now he shares this business insight through Answers That Count. Through his unique life experiences and entertaining interviews, you will discover the answers to the questions you have been asking!
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Monday Jul 06, 2020
Monday Jul 06, 2020
With interest rates flirting with record lows and the SBA offering an incentive to pay debt service of both the SBA and bank portion for 6 months, now could be THE time for you to consider refinancing existing debt. On this session, we are joined by Ashley Vannoy, Vice President with First Bank of the Lake. She provides a very informative discussion about this program and the urgent time-line to take advantage of the SBA debt payment incentive. However, as she explains, even without this incentive, with low rates (in the 3.5%-3.9%) a 25 year amortization period and 90% LTV, this is an awesome program that can greatly improve cash flow.
Here are the highlights for the SBA 504 loans:
- Owner occupied real estate
- Down payment of owner investment of 10%
- SBA loan portion of up to 40%
- Bank financing of the remaining 50%
- 10 year amortization period for bank portion
- 25 year amortization for SBA portion
- Prepayment penalty, which is reduced to 0 over first 10 years of loan
Check out this episode for the details plus information on the SBA 7A program.
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