Do I qualify for small business?
We bought the house for Business and then rebuild it anew. The Building owner was LLC (owned by me and my wife 50:50) and my wife operates the business in the building as S-Corp (100% ownership is hers) paying rent to LLC. We need to refinance the loan on the building. She occupy more then 60% of the building. Is there any problem to get Business loan (504 in particular) in this case. Appreciate your help on this matter
Based on your description of ownership and occupancy of the property, it appears that this would satisfy the requirement that the building be at least 50% owner-occupied. Based on the occupancy standard you should be eligible for an SBA 504 loan, provided that you meet all of the other qualification requirements. I would suggest verifying this with the lender that you will be working with.
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