We are pleased to introduce Wessex 504 Corporation, a non-profit company certified by the Small Business Administration to originate and service SBA 504 loans.
Rate for Wessex 504 borrowers for the month of May 2012 is:
4.23% (20-yr fixed)
3.61% (10-yr fixed)
4.40% (20-yr refinance)
3.78% (10-yr refinance)
The innovative 504 loan program offers an affordable opportunity to business owners who are purchasing a building or capital equipment:
- Down payment of only 10%
- 20-year, low fixed rate on the Wessex second mortgage
(10-year, low fixed rate for capital equipment)
At the same time, the participating bank has a more secure 50% loan-to-value with its conventional first mortgage. Everyone wins! Learn More.
504 Program Better Than Ever
The fantastic SBA-504 program just got even better for business owners and lenders. With the signing of the Small Business Jobs Act, the 504 program can be used to REFINANCE real estate loans on owner occupied commercial property. Click here to learn about refinance with 504.
In addition, the Wessex 504 maximum loan size was permanently increased to $5 million ($5.5 million for manufacturers and energy loans). Also, the size standards for businesses that can benefit from the program have been increased to a tangible net worth of up to $15 million and 2-year average net income after federal income tax of $5 million. Call or e-mail for more information.
