Refinance Existing Debt
You’ve built a business. Sales are up, demand is growing, and things are looking good. But what about the capital you needed to get to this point? If you’re like most small business owners, you relied on both equity investments and debt to grow. It’s quite likely that your balance sheet has a combination of loans and leases to various creditors at less than ideal repayment terms. Through an SBA 7a loan from Live Oak Bank, you may be able to refinance your existing debts and lower your monthly payments significantly.
What Do I Need to Get Started?
When evaluating a debt refinance loan request, we must first examine whether the debt being refinanced is eligible under SBA’s 7a loan program. Generally:
- The debt must have been used for eligible business purposes
- The proposed monthly loan payment must provide at least a 10% savings OR the debt to be refinanced is not fully amortizing
- The debt must be current
Sales are up & demand is growing. But what about the capital you needed to get to this point? Click To Tweet
In order to evaluate your loan request, we must obtain a completed business debt schedule for your business as well as copies of the following for each debt to be refinanced:
- Promissory note
- Settlement / closing statement
As SBA lending experts, we will work with you to provide a loan structure that best suits your business’ needs and saves you money each and every month.