Small Business Loan
Reminder on the CARES Act payments which covers the first 6 months of P&I payments for SBA Borrowers expires the end of September. This would be a good time for anyone buying a new property or refinancing a conventional loan for a better rate and working capital.
The monthly P&I payments for a $1,000,000 SBA 7(a) loan would be $6,161 a month based on a 5.5% rate. This would also save a small business $36,969.
Rates for SBA 504 loans are under 2.5%, fixed for 25 years. The weighted average rate for the 1st and 2nd mortgages would be under 4% today.
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