SBA 504 Loan Interest Rates
Official monthly SBA 504 effective interest rate tables can be found at Eagle Compliance LLC. 25- and 20-year term loans fund every month; 10-year term loans fund every other month. Effective interest rates are inclusive of servicing fees, which are subject to credit risk of the applicant.
The Small Business Administration (SBA) acknowledged Florida First Capital Finance Corporation as the FY 2016 North Florida District's top SBA 504 lender for total number of loans and total dollar volume during its 25th Annual Small Business Week Celebration held recently in Jacksonville.
Of the 152 SBA 504 loans totaling $111,885,000 produced in the district for FY 2016, Florida First Capital, a nonprofit Certified Development Company (CDC), generated 105 of those loans totaling $67,662,000. The three other CDCs in the district produced a combined total of 47 SBA 504 loans worth $44,223,000.
When comparing all lenders (504 and 7(a) programs) by dollar volume, Florida First Capital led the way, followed by SunTrust with $31,670,600, Wells Fargo with $29,172,700, Florida Business Development Corporation with $26,653,000 and Synovus Bank with $21,526,900.
Florida First Capital's performance accounted for 60% of the 504 dollar total and almost 12% of all SBA lending (504 and 7(a) programs combined) in the North Florida District, which covers 43 counties and stretches from Orlando to Jacksonville and west through the Florida Panhandle.
Overall, lenders in the North Florida District produced 1,128 SBA loans valued at nearly $572 million in FY 2016.
Florida First Capital wishes to thank its 504 commercial lending partners as well as congratulate its North Florida District sales team: Kristen Tackett, VP & Loan Officer, Northeast Florida Region; James Hosman, VP & Loan Officer, Northwest & Florida Panhandle Region; and John Hanrahan, VP & Loan Officer, Central Florida Region.
Florida First Capital is also Florida's #1 lender among all SBA lenders statewide (504 and 7(a) programs) for FY 2016. The company approved loan projects resulting in $156,333,000 in SBA dollars. Additionally, Florida First Capital finished the year ranked #3 nationally among all CDCs.
The SBA 504 Loan Program provides up to 90% financing at below-market, fixed interest rates and long amortization terms for the purchase of major fixed assets, such as owner-occupied commercial real estate and/or heavy duty machinery and equipment.
SBA 504 Loans are provided in partnership between CDCs like Florida First Capital and commercial lenders. Typically, a commercial lending partner provides financing for 50% of the 504 loan and takes a first lien position; Florida First Capital/SBA provides 40% of the project financing and takes a second lien position; and the borrower provides a down payment of just 10% in most cases.
504 loans provide up to $5 million for standard and public policy projects (aggregate limit) and up to $5.5 million per green initiative and small manufacturer projects. These limits apply to SBA 2nd mortgage loan portions only; there is no limit on overall project dollar size.
For more information about SBA 504 loans in Florida, South Alabama or South Georgia,contact aFlorida First Capital Loan Officeror email us atinfo@ffcfc.com. Phone: 850.681.3601 or toll-free at 888.320.5504.
