USE OF PROCEEDS
Real-estate acquisition, construction, or refinance - up to 90% financing available
Equipment Acquisition - up to 80% financing available
Financing available on projects up to $6,000,000.
- Evolve Bank & Trust typically provides a first mortgage of up to 50% of the total loan-to-value. This loan can range from $250,000 to $3,000,000.
- The SBA, through a Certified Development Company (CDC) provides up to 40% loan-to-value in a second lien position. This loan can range from $250,000 to $2,000,000.
TERMS AND INTEREST RATES
First Mortgage - up to 25-year term for real-estate loan and up to 15-year term for equipment purchase with fixed and variable interest rates available.
Second Mortgage - up to 20-year term for real-estate and up to 15-year term for equipment purchase. Fixed rate is determined at SBA guaranteed 504 debenture sale.
First Mortgage - fees are always market competitive.
Second Mortgage - 2.75% + legal review fee. This fee is financed in the loan.
Fees also include customary closing costs, construction loan fees (if applicable), and bridge fees.
Most for-profit business is eligible for financing. Commercial real-estate must be 51% or greater owner occupied.