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For existing Preferred Lending Partners borrowers who are interested in transferring their loan to a new purchaser of their property an assumption of the SBA 504 loan is available. This is an excellent way for both the existing borrower and the purchaser to take advantage of the SBA 504 program. The assumption can be processed quickly because the new borrower does not have to meet SBA guidelines and the existing borrower benefits because they expedite the sale and do not incur any prepayment penalties. The first step for an assumption is for the existing borrower to contact Preferred and notify us of your interests. We will work with you and the new borrower to complete the necessary documentation.
Inquire with Megan Melich for specific documentation necessary to process and pursue this assumption request.
Loan Assumption Application (PDF file)
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