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Pre-Payments
SBA 504 financing includes a repurchase premium should the loan be prepaid during the first half of the term. The repurchase price shall be an amount equal to the outstanding principal balance of the debenture, plus interest accrued and unpaid thereon to the repurchase date, plus a repurchase premium, if any, determined as follows:
If you have an SBA 504 Loan:
To insure the payoff of your loan is accomplished smoothly, please keep this information in mind:
If you are considering a prepayment of your loan, PLEASE CALL MELANIE at 303-861-4100 IMMEDIATELY.
Preferred must have a 45 day written notice that the loan is going to prepay.
Preferred Lending Partners may require a good faith deposit of $1,000.00. Good faith deposits are required to lock in your payoff date and are not refundable if your loan does not payoff. Deposit must be made 10 days prior to the scheduled pre-payment date.
If your loan funded after January 1992, a good faith deposit is always required by the SBA.
SBA 504 loans can only be pre-paid on the 3rd Thursday of every month.
Prepayment premiums may apply. Premium levels decline every loan anniversary date and are eliminated after the loan is over half way matured (i.e.: 20-year loan: first 10 years there is a prepayment premium, after 10 years it drops off).
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