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SBA 504 Refinance Rules in New Hampshire
As a business owner in New Hampshire, you know the importance of staying on top of your finances. Whether you’re a small startup or an established company, managing cash flow and expenses is crucial for long-term success. However, with market conditions and challenges constantly changing, it’s not uncommon for businesses to struggle with high interest rates and monthly payments. This can put a significant strain on your finances, making it difficult to grow and expand your business. But did you know that there is a solution specifically designed for New Hampshire businesses facing these challenges? The SBA 504 Refinance Program is here to help you refinance your existing loans and alleviate financial pressure. Let’s take a closer look at the rules and guidelines for this program and how it can benefit your business in New Hampshire.
- SBA 504 Refinance Rules in New Hampshire
- A Real New Hampshire Business Owner’s Story
- What is the SBA 504 Refinance Program?
- Who Should Consider SBA 504 Refinance in New Hampshire?
- Benefits for New Hampshire Businesses
- Credit Score Requirements
- Approval Process and Timeline
- Common Mistakes New Hampshire Business Owners Make
- A Real Case Study: A New Hampshire Business in Manchester
- FAQs: New Hampshire Business Owners Ask
- Contact GHC Funding for Your SBA 504 Refinance Needs
A Real New Hampshire Business Owner’s Story
Meet Sarah, owner of a successful retail store in Manchester, New Hampshire. Sarah’s store has been in business for five years, but she’s been struggling to keep up with her monthly loan payments due to high interest rates. Despite her consistent cash flow and growing customer base, Sarah found herself in a tough financial situation. She was hesitant to take on more loans to expand her store, fearing it would only add to her existing financial burden. That’s when Sarah learned about the SBA 504 Refinance Program and how it can help her alleviate her financial stress.
What is the SBA 504 Refinance Program?
The SBA 504 Refinance Program is a loan program specifically designed by the Small Business Administration to help small businesses refinance their existing loans at a lower interest rate. This program is available for businesses that own their own commercial real estate and have an existing loan that is causing financial strain. With this program, businesses can refinance up to 90% of the current appraised value of their commercial property, up to million. This means that businesses can potentially save thousands of dollars in interest and reduce their monthly payments, giving them more financial flexibility to focus on growth and expansion.
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⚡ Key Flexible Funding Options:
GHC Funding everages financing types that prioritize asset value and cash flow over lengthy financial history checks:
DSCR Rental Loan
- No tax returns required
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SBA 7(a) Loan
- Lower down payments vs banks
- Long amortization improves cash flow
- Good if your business occupies 51%+
Bridge Loan
- Close quickly — move on opportunities
- Flexible underwriting
- Great for value-add or transitional assets
SBA 504 Loan
- Low fixed rates through CDC portion
- Great for construction, expansion, fixed assets
- Often lower down payment than bank loans
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Who Should Consider SBA 504 Refinance in New Hampshire?
The SBA 504 Refinance Program is ideal for businesses in New Hampshire that are facing high interest rates and struggling to keep up with monthly payments. If you own your own commercial property and have an existing loan, then you may be eligible for this program. This program is also a great option for businesses looking to expand and need more financial flexibility. By refinancing your existing loan, you can potentially free up funds for growth and expansion opportunities.
Benefits for New Hampshire Businesses
New Hampshire is known for its beautiful cities and scenic views, but it’s also a state with a thriving business community. With its close proximity to major cities like Boston and New York, businesses in New Hampshire have access to a diverse customer base and a talented workforce. However, the cost of doing business in New Hampshire can be high, making it challenging for businesses to stay afloat. Here are some of the benefits of the SBA 504 Refinance Program for businesses in New Hampshire:
- Lower interest rates and monthly payments: Refinancing your existing loan through the SBA 504 program can potentially save you thousands of dollars in interest and reduce your monthly payments, giving you more financial flexibility.
- More working capital: By freeing up funds through refinancing, businesses can have more working capital for day-to-day operations or future growth opportunities.
- Fixed interest rates: With the SBA 504 program, you can lock in a fixed interest rate for the life of your loan. This means you won’t have to worry about fluctuations in interest rates and can budget more accurately for your monthly payments.
Credit Score Requirements
While credit score requirements may vary depending on the lender, most SBA 504 Refinance loans require a minimum credit score of 680. This is considered a good credit score, and it’s not uncommon for businesses to have a higher credit score when applying for this program. Lenders will also look at other factors such as your business’s cash flow and financial history when determining eligibility.
Approval Process and Timeline
The approval process for an SBA 504 Refinance loan can take anywhere from 45 to 60 days. This timeline may vary depending on the lender’s workload, the complexity of your loan, and any potential delays in document submission. It’s essential to work closely with your lender and provide all the necessary documents and information to ensure a smooth and timely approval process.
Common Mistakes New Hampshire Business Owners Make
Applying for an SBA 504 Refinance loan can be a game-changer for your business, but it’s important to avoid common mistakes that can delay or jeopardize your approval. Here are three mistakes New Hampshire business owners should avoid when applying for an SBA 504 Refinance loan:
- Not understanding eligibility requirements: Before applying for an SBA 504 Refinance loan, it’s crucial to understand the eligibility requirements and have all the necessary documents and information ready. This will ensure a smoother and faster approval process.
- Not working with an experienced lender: The SBA 504 Refinance program requires working with an SBA-approved lender. It’s crucial to choose a lender with experience in this program to ensure a successful application and approval process.
- Not having a clear purpose for refinancing: It’s important to have a clear purpose for refinancing your existing loan. This could be to lower your interest rate, reduce monthly payments, or free up funds for growth opportunities. Having a clear purpose will also help you choose the right lender and loan terms.
A Real Case Study: A New Hampshire Business in Manchester
Let’s look at a real case study of a New Hampshire business in Manchester that benefited from the SBA 504 Refinance program.
ABC Manufacturing is a family-owned business that has been operating in Manchester, New Hampshire, for over 20 years. They specialize in manufacturing custom parts for various industries and have a loyal customer base. However, the business was struggling with high-interest rates on their existing loan and were having trouble keeping up with monthly payments. This was putting a strain on their finances and limiting their ability to take on new projects and expand their operations.
After learning about the SBA 504 Refinance program, ABC Manufacturing decided to apply for the loan. They worked with an experienced lender who guided them through the application process and helped them understand the eligibility requirements. In the end, they were able to refinance their existing loan at a lower interest rate, saving them thousands of dollars in interest each month. This freed up funds for working capital, allowing them to take on new projects and grow their business.
FAQs: New Hampshire Business Owners Ask
1. Can I refinance my existing SBA loan through the SBA 504 Refinance Program?
Yes, you can refinance an existing SBA loan as long as it’s not through the SBA 504 program.
2. Are there any restrictions on how I can use the funds from the SBA 504 Refinance loan?
No, there are no restrictions on how you can use the funds from the loan as long as it’s for business-related purposes.
3. How long does it take to get approved for an SBA 504 Refinance loan?
The approval process can take anywhere from 45 to 60 days, depending on various factors such as the lender’s workload and document submission.
4. Can I apply for an SBA 504 Refinance loan if my credit score is below 680?
While a credit score of 680 is generally required, some lenders may consider applicants with a lower credit score if they have other strong financial credentials.
5. Is there a limit on the amount I can refinance through the SBA 504 program?
The maximum amount eligible for refinancing is up to 90% of the current appraised value of your commercial property, up to $5 million.
Contact GHC Funding for Your SBA 504 Refinance Needs
If you’re a business owner in New Hampshire facing financial challenges due to high interest rates and monthly payments, the SBA 504 Refinance Program could be the solution you’ve been looking for. At GHC Funding, we specialize in SBA loans and have helped businesses in New Hampshire and beyond achieve their financial goals. Our experienced team is here to guide you through the application process, answer any questions you may have, and help you secure the best loan terms for your business. Contact us today to learn more about how we can help you refinance your existing loan and take your business to the next level.
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