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SBA Form 2288R Interim Lender Certification for Refinanced Loan
What Is SBA Form 2288R?
SBA Form 2288R, Interim Lender Certification for Refinanced Loan is a form filed by an Interim Lender taking part in the Small Business Administration (SBA) 504 Debt Refinance Loan Program.
The SBA released the latest edition of the form on September 1, 2016 . The most recent SBA Form 2288R fillable version can be downloaded below or found on the SBA website.
Interim loans are short-term loans often used while the business is making arrangements to secure long-term financing. If the interim loan is used in connection with the SBA 504 Debt Refinance Loan Program, the Interim Lender Certification is completed within 60 days prior to debenture funding. The SBA Form 2288R is also required to close the refinanced loan.
SBA Form 2288, Interim Lender Certification
The SBA Form 2288 (Interim Lender Certification) is filed by Interim Lenders if interim funding is used in connection with SBA CDC/504 loans. The CDC/504 program offers long-term, fixed-rate financing that may be used to acquire fixed assets to expand or improve a business. To qualify for the program, the small business has to operate for profit within the U.S., meet SBA's size and industry standards, have a tangible net worth not more than $15 million, and an average net income of $5 million or less after federal income taxes for the preceding two years prior to application.
SBA Form 2416, Lender Certification for Refinanced Loan is a related form used if the loan being refinanced by the same Lender holding the debt and the Interim Lender does not participate.
SBA 504 Loan Refinancing Program
The SBA 504 Loan Refinancing Program became a permanent part of the SBA 504 program in December 2015. The loans provided as part of this program can be used to refinance one or multiple loans. The SBA 504 Program can refinance up to 90% loan-to-value and 75% on cash-out loans.
The Borrower must be a for-profit, U.S.-based small business with at least two years of operations, a net worth of no more than $15 million and net profit after of less than $5 million. The Borrower cannot be more than 30 days past due during the past year on payments on the loan being refinanced and must occupy at more than a half of its property when applying for the program.
The funds - if granted - may be used for the following:
- Purchasing land and existing buildings;
- Building new facilities or renovating existing facilities;
- Purchasing of street improvements, parking lots, and additional utilities;
- Purchasing long-term machinery and equipment.
The debt to be refinanced may not exceed half of the new expansion costs.
Download SBA Form 2288R Interim Lender Certification for Refinanced Loan
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