Five Important Facts about the 504 Refinance Program
- Multiple business loans can be combined but one must have originally been for business real estate or equipment.
- The business must be two years old.
- All refinanced loans must have been current over the last 12 months
- Cash can be taken out to be used for operating expenses over the next 18 months
- Assets securing the refinancing must be appraised and provide a 90% Loan to Value (85% Loan to Value if cash is taken out)
Contact an OSDC Loan Officer to learn more about the program here