Refinance Debt

There are several reasons why you should consider refinancing your existing debt:

• Reduce the interest rate and/or convert from a floating rate to a fixed rate.

• Reduce the monthly payment by extending the loan maturity.

• Convert short term debt to long term debt (See Working Capital Loans).

• Use the equity you built up in your fixed assets to provide cash for the growth of your business.

As a term lender, we typically need to understand the value of the assets you are refinancing.  Contact us to discuss your proposal.  It may be appropriate to obtain appraisals prior to deciding our loan amounts as this will let us maximize the amount of your loan request.

NYBDC’s loan sizes range from $50,000 to $1,500,000.  We are a complement to bank financing and do not compete with our partner banks. Many loan structures include NYBDC, Bank and other subordinate lenders which can bring the total financing to exceed $5 million.

We typically look to refinance no more than 80% of the value of our collateral.  The loan repayment period would be tied to the useful life of the assets.  In many cases, we utilize the SBA loan guarantee program.  This allows us to have a higher loan to value ratio and can permit us to have a longer repayment schedule.

We cannot use the SBA 504 loan program for refinancing of debt.

Go to our section on “Loan Payment Estimator” and see the different rates and terms for our loans.  Then “Contact NYBDC” to discuss your specific needs!