In an effort to broaden the reach of the Temporary Refinancing Provisions of the 2010 Jobs Act, the Small Business Administration announced today they have eliminated the requirements regarding the maturity date of loans eligible to refinance. Originally, all possible refinances through the Temporary Refinance Program had to mature on or before 12/31/2012.

The SBA made the following statement in a news release today:

 WASHINGTON, D.C. –“Small business owners with eligible commercial real estate mortgages maturing after Dec. 31, 2012, will be able to secure more stable, long-term financing through the U.S. Small Business Administration’s temporary 504 refinancing program as a result of a change that will be published in The Federal Register by April 6.”

The ‘new’ rules will be published by April 6th and in the meantime, you can and should look through your existing portfolios NOW for ALL loans, regardless of maturity date, that meet the following criteria:

1. The project will benefit from refinancing at today’s low rates, or has other “onerous” terms that can be relieved through the SBA 504 loan refinance program.

2. This would include loans where the LTV is above what the bank would normally want to advance due to declining commercial real estate values since the loan was originated.

 We will provide more information as it becomes available, but would like to extend the offer to work with you directly to pre-qualify any refinancing opportunities you may have in your portfolio, regardless of maturity date.

Call us today and Experience the BDFC difference!