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As financial market conditions change, it is often advantageous for
borrowers to refinance their loans to take advantage of lower
interest rates. The SBA 504 program does not permit refinancing
however, for borrowers who wish to reduce their first mortgage costs
they can refinance that loan. When this occurs, the borrower should contact Preferred immediately
after receiving approval for the new first mortgage loan. The new
primary lender will need to provide specific information about the
amount of the loan and their specific first position on the secured property
title.
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