The SBA refinance program is back and changes have been made. The SBA has changed the loan-to-value limitation on refinance projects that include cash-out for eligible business operating expenses. The LTV limitation has been increased from 75% to 85% providing a greater flexibility within the permanent finance program to tap into the equity of owner-occupied properties. The SBA has also loosened the restrictions of ownership changes of small businesses in the two years prior to a refinance application. Also, refinance applications may use appraisals dated no earlier than one year prior to the date the application is approved.

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