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EDF Quick Links
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EDF Homepage
SBA Homepage
504 Calculator
Current Rates
20-year rate: 4.95%
20-year refinance rate: 5.15%
10-year rate: 3.763%
10-year refinance rate: 4.199%
EDF Contacts
Ph. 616-459-4825
Fax 616-458-5736
TF 888-330-1776
Sandy Bloem
Executive Director
Cell 616-540-6753
sandy@growmichigan.com
José Santamaria
Loan Officer - Kalamazoo
Cell 616-540-5481
jose@growmichigan.com
Bradd Pierce
Loan Officer - Grand Rapids
Cell 616-304-8881
bradd@growmichigan.com
Gary Witkowski
Relationship Manager - Traverse City
Cell 616-540-5174
gary@growmichigan.com
Seth Beals
Relationship Manager
seth@growmichigan.com
Kecia Flynn
Portfolio Manager
kecia@growmichigan.com
Abbey Byrne
Closing Manager
abbey@growmichigan.com
Jill Dean
Administrative Assistant
jill@growmichigan.com
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The December 20-year effective rate is 4.95%. 10-year bonds were sold last month with an effective rate of 3.763%. Please note that refinance rates will be slightly higher than regular 504 rates. (Rates may also vary slightly based on approval date.)
In this issue: Happy Holidays, SBA 504 Refinance Checklist, 7a Packaging Update
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Happy Holidays
Please take a moment to remember your family, friends, and co-workers during this busy holiday season. Say thank you for all they have meant to you during the past year. Resolve to maintain good relationships through the busyness of life.
EDF would like to wish you Peace and Joy throughout your Holiday Season. May the New Year bring Exciting Opportunities and Good Health!
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Updated SBA 504 Refinance Changes
Last month's newsletter disclosed several changes to the SBA refinance program. The changes were made in October 2011, which included allowing equity out for business expenses in the total project. This temporary program is only available until September 2012.
EDF has updated a refinance checklist, which can be very beneficial when reviewing a loan relationship. Please keep in mind this is great opportunity for a lender to minimize LTV on existing loans and more importantly, assist your client in reducing risk with a fixed rate loan for 20 years.
Please see link below for the refinance checklist:
Refinance Checklist
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| 7a Loan Packaging Update
As a service to our lending partners, EDF will assist with packaging an SBA 7(a) loan for approval and Authorization. We are happy to meet with the small business, or stay behind the scenes. We realize that busy lenders may not have the time, expertise, or desire to put an application together. EDF is pleased to announce that we have successfully packaged and received several approvals over the past couple of months and would like to assist in the economic success of Michigan in any way that we can.
If interested, please contact our Portfolio Manager, Kecia Flynn, at 616-459-4825.
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"Financing Growing Businesses in Michigan Since 1981"
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