Community Business Finance's mission is to encourage economic development throughout Texas and Louisiana. As part of this mission, we are dedicated to borrower education on our 504 Loan Program.
Your 504 loan will go through four stages during the loan process. Community Business Finance will navigate the entire process, from application through final funding, to make it as easy as possible for you. Today we will explain Step 3: Closing as part of a four-part series.
Step 3: Closing
As we discussed in Step 2, Community Business Finance partners with your bank to share the total financing for the loan. During initial funding, your bank funds a first lien loan as well as a bridge loan to provide interim financing while your SBA 504 loan is being prepared for funding.
Once you move into your building, Community Business Finance accelerates the 504 funding process to pay off the bank's bridge loan and. We're in constant communication with your bank and other entities involved in preparing your final 504 loan documents.
Our closing processor may contact you to get additional information not already provided to the bank. If more than six months have passed since your 504 loan was approved, we will need updated financial information. As a reminder, a list of the financial information you will need to provide can be found on our website.
Next, we arrange to have you sign your final SBA loan documents for funding. Join us next week for Part 4: Final Funding.
Contact Community Business Finance today to see why our 504 Loan Program is the right choice for your business financing, and why we are the right lending partner to build your business dreams.
To Get Started fill out a short online form and a loan expert will contact you.
You can also contact our offices:
In Texas call Bill Ebersole at 713-457-1650, ext. 201, or email him at firstname.lastname@example.org.
In Louisiana, call Jeanne Bergeron at 1-800-462-1017 or email her at email@example.com.