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Follow on Google News | Growing Number of Lenders Take Advantage of Secondary Market for SBA 504 LoansFountainhead Commercial Capital has announced that they have added close to two dozen new lenders to their FastTrack 504TM loan program.
"We are enabling banks, credit unions and non-bank lenders to essentially outsource the entire process of offering a 504 loan to clients," said Chris Hurn, Fountainhead CEO. "The lender keeps the client relationship as we don't compete for deposits, a highly-specialized SBA department isn't necessary for a lender to establish or maintain, and our participating lenders receive valuable non-interest income." SBA 504 loans provide financing for the purchase of fixed assets, such as commercial real estate and machinery, at below market, long-term fixed interest rates. Lenders participating in FastTrack 504TM originate the 504 loan but then hand over the engagement to Fountainhead which manages underwriting, selection of a required Certified Development Company partner, secures SBA approvals, orders all third party reports and eventually closes and funds the loan. Lenders within the program can earn loan premiums up to 8% of the funded first mortgage loan amount, while they work on other, core business for their institution. FastTrack 504TM is currently offered in 12 states: Florida, Illinois, Indiana, Iowa, Kentucky, Michigan, Minnesota, Missouri, Ohio, Pennsylvania, West Virginia and Wisconsin. Fountainhead intends to expand nationwide very soon. "We have had an incredible response since launching FastTrack 504TM in late March,” said Hurn. “Lenders love the SBA 504 program but many of them are not staffed properly to take advantage of it. And new regulations may make delivering this program more challenging for all but the largest banks. Our new 'cradle to grave' approach offers a multitude of benefits to lenders and their clients alike." Fountainhead Commercial Capital, a nonbank lender specializing in the SBA 504 loan program, was founded by some of the most experienced and awarded SBA 504 lenders around. More information is available at http://www.Fountainhead504.com or by calling 800-770-1504. End
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