Reps Darrell McCormick (R-), Pryor Gibson (D-Anson), Leo Daughtry (R-Johnston), and Tom Murry (R-Wake) have introduced HB 174 (Commercial Real Estate Broker Lien Act), http://www.ncleg.net/Sessions/2011/Bills/
House/PDF/H174v1.pdf, which will protect a broker’s ability to receive payment for their hard work by granting brokers the ability to file a lien upon commercial real estate in the amount that the broker is due under a written instrument with the owner, buyer or tenant (or their authorized agent). The North Carolina Association of REALTORS® has been working with Rep. McCormick, our Commercial Alliance and other stakeholders for several years and will continue to advocate for this legislation. We are hopeful the bill will be successful and provide an assurance to our commercial brokers they will be paid for their hard work.
SBA Announces New Commercial Real Estate Financing Program
On February 17, the U.S. Small Business Administration (SBA) announced that it will start accepting refinancing applications for commercial real estate mortgages maturing by the end of 2012. For the first time, small businesses will be allowed to refinance certain owner-occupied commercial real estate mortgages into long-term, fixed rate loans, under the existing SBA 504 program. The new refinance program provides an SBA loan up to 40 percent of the appraised property value with no less than 10 percent of the remaining amount to be contributed by the borrower. Last September, President Obama signed into law the Small Business Jobs and Credit Act of 2010, which authorized this program through September 27, 2012. Due to the economic downturn and falling commercial real estate values, many small businesses have encountered difficulty refinancing their maturing mortgages. NAR believes this program will provide credit relief for property owners and help stabilize the commercial real estate and small business sectors.
Read more about the SBA's 504 Refinance Program.
On February 17, the U.S. Small Business Administration (SBA) announced that it will start accepting refinancing applications for commercial real estate mortgages maturing by the end of 2012. For the first time, small businesses will be allowed to refinance certain owner-occupied commercial real estate mortgages into long-term, fixed rate loans, under the existing SBA 504 program. The new refinance program provides an SBA loan up to 40 percent of the appraised property value with no less than 10 percent of the remaining amount to be contributed by the borrower. Last September, President Obama signed into law the Small Business Jobs and Credit Act of 2010, which authorized this program through September 27, 2012. Due to the economic downturn and falling commercial real estate values, many small businesses have encountered difficulty refinancing their maturing mortgages. NAR believes this program will provide credit relief for property owners and help stabilize the commercial real estate and small business sectors.
Read more about the SBA's 504 Refinance Program.
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