SBA 504 loans can finance new construction
Nearly 40% of TMC’s SBA 504 loans include new construction, renovations or other improvements. The SBA 504 program allows business owners to build commercial property from the ground up or to expand or renovate existing facilities.
- As low as 10% down for total project financing, including the purchase of land with ground-up construction or the purchase of an existing building with renovations.
- All costs associated with construction or renovations can be included in the loan (no break-out required). Contingencies and soft costs may also be included.
- Below-market FIXED interest rates with payments fully-amortized over 20 years, no balloon
- No additional collateral required: Projects usually secured by the subject property utilizing an “as proposed” appraisal evaluation.