504 loan rate more than my bank rate.
I am writing due to the fact I have now a interest rate from the sba of 5.81% My bank loan is 5.25% I was told my rate would be 4,81% in the beginning. Any advise?
Many SBA loans can have a variable rate, meaning they can fluctuate as the government changes the prime rate. They just increased the rate for the second time in the last few months and it’s expected that these rates will continue to increase throughout this year and next.
You can find the most up to date rates on our SBA loan rates article. We update it every month. If you feel like your lender was not honest with you then you should ask them about the details and why your rate is different than they promised you.