The U.S. Small Business Administration is offering a lifeline to many commercial real estate owners with maturing mortgages. Under a temporary refinancing program that will start on April 6, the SBA can refinance an eligible commercial real estate mortgage that is set to mature after Dec. 31, 2012, into an SBA-backed 504 loan. In February, the SBA initiated the program for mortgages maturing before that date. Borrowers can refinance either 90 percent of the property’s appraised value or 100 percent of the outstanding mortgage, whichever is…
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