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These loans, in combination with the low 25 year fixed second mortgage, provide almost unbeatable long term financing. 25 Year Fixed Rate 504 First Mortgage LendersĪ small percentage of lenders offer low 25 year fixed rate first mortgages. The reason for the wide range of SBA 504 loan rates is that borrowers and lenders come in all shapes and sizes as outlined below.
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Solid borrowers financing the type building that can be used by most many types of businesses (think general office space, free standing retail, doctors offices, office with warehouses, etc.) can get 25 year fixed rate 504 first mortgages in the 3.25% - 4.5% range depending on where you are located.Īlternatively, the next best thing - a 10 year fixed with a 25 year amortization - could be available at even lower rates depending on what is going on with the Treasury markets.Ĭ urrent rates for more specialty use properties (think hotels, assisted living, bowling alleys, family entertainment centers, etc.) can be anywhere from approx 3.75% to 6.0%+ depending on the lender, the quality of the borrower, the loan to value, the property type and how long the loan is fixed. SBA 504 first mortgage interest rates have been trending lower over the past 1.5 years.
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SBA 504 rates for both the first and second mortgage are near all time lows and there are first mortgage lenders offering 25 year fixed rate loans that when combined with the low rate 25 year fixed rate second mortgage allows you to lock in to an all time low rate for a full 25 years. If you need a smaller down payment or don't have enough equity then you might want to consider the SBA 7a loan as it is available up to and well over 100% loan to value in many situations. The SBA 504 program requires a down payment (or equity in the case of a refinance or a business expansion) of 10% to 20% depending on the type of business, type of building/commercial property, but it is possible for a business to borrow the down payment if the cash flow of the business can support the payment on the borrowed funds. Second mortgage rates are set once a month and are generally the same for all transactions across the entire U.S.įor January 2021, 504 (second) mortgage rates are as follows:Ģ0 year and 10 year loans are also available with similar rates.First mortgage rates can be anywhere from approx 2.75% for well-qualified businesses to over 6% if you have credit or cash-flow issues.a second mortgage for 30% to 40% of the total projects costs that is 100% guaranteed by the SBAįirst mortgage rates can be fixed for 25 years for certain businesses and property types and the second mortgage rate is always fixed.a first mortgage for 50% to 60% of the purchase price (or total project costs) provided by an SBA Lender.To understand how 504 interest rates are determined, one must understand the program structure. The 504 loan program offers long term fixed interest rates of up to 25 years for commercial real estate, equipment or machinery.