Wessex 504 Corporation Employee Directory
Financial ServicesIllinois, United States0-1 Employees
Wessex 504 is certified by the U.S.Small Business Administration (SBA) to originate and service the 504 Loan Program. As a Certified Development Company, Wessex 504 works with the SBA and third party lenders to deliver financing to Illinois businesses. We assist healthy, growing businesses secure long term, below market, fixed rate financing for the acquisition of real estate or capital equipment. In turn, these businesses are able to create new jobs and strengthen their communities while continuing to grow. We're Ready...Are you? Contact us to see how we can help you today! HOW IT WORKS: Structure: 50-40-10 split based on the Appraised Value 1. Bank or other lender finances 50% of project cost and takes a first lien Position on the assets. 2. Wessex 504, through the 504 loan, finances 40% of the project costs (maximum Wessex 504 portion is $5 million or $5.5 million for manufacturers) and takes the second lien position. 3. Business Owner contributes low down payment of 10% of project costs LOAN ELIGIBILITY IS BASED ON THE FOLLOWING COMPANY CRITERIA: 1. Has a net worth of <15 Million 2. Has after tax net profit <5 million BENEFIT TO THIRD PARTY LENDERS: * Ability to provide client 90% financing while maintaining low advance rates * Wessex underwrites, packages, closes and services the 504 portion of the loan. Saving you staff, time, and money * Wessex officers work with lenders and their clients to introduce the program and work hand in hand throughout the process. * Wessex 504 loans qualify for Community Reinvestment Act (CRA) credit. BENEFIT TO SMALL BUSINESS: *Receive affordable financing not otherwise available to growing businesses (Below Market interest rates) *Low down payment! Preserving capital allowing for greater investment in current business needs *20 yr fixed rates = more affordable monthly payments *Eligible soft cost can be built into the project financing
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