What are the updates and rates for the SBA 504 Loan Program?
— Carrie discusses the monthly updates and rates for the SBA 504 Loan Program, highlighting that there are many updates and overall they are positive.
Have the rates for the 504 loans changed in August 2023?
— The rates for the 504 loans in August 2023 have only increased by one tenth of a percentage point compared to July, remaining essentially the same.
What is the biggest change in the SBA 504 Loan Program?
— The biggest change in the SBA 504 Loan Program is the simplification of the affiliation process, where the applicant's ownership of other businesses is now categorized into two levels.
How is affiliation determined in the SBA 504 Loan Program?
— Affiliation is determined by whether the operating company or real estate holding company owns another business, and if an individual applicant owns another company with the same business code, it is considered an affiliate.
What are the requirements for borrowers with multiple entities in different business codes?
— Borrowers with multiple entities in different business codes do not need to provide tax returns for those entities, simplifying the process, but if the entities are in the same business code, financials are still required.
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