Frequently Asked Questions
SBA 504 Clients
Q: How can I make my SBA 504 monthly payments?
A: Borrowers have three options for paying their SBA 504 monthly payments. The majority of borrowers are on ACH, allowing the payments to be automatically debited from their accounts. A borrower may also wire in the payment or mail in a check.
Q: Can I change the account from which my payment is debited?
A: Yes. Please contact a LiftFund CDC servicing officer via email and we will be happy to help you with this.
Q: I want to mail in a check. To whom should I make it out, and to what address should I send it?
A: Payments are made to the Central Servicing Agent (CSA), which is a division of Wells Fargo. Please make the check out to Wells Fargo Corporate Trust Services. Please include your loan number on the check. The check should be sent to this address:
Wells Fargo Corporate Trust Services
NW 6441
P.O. Box 1450
Minneapolis, MN 55485-6441
Wells Fargo Corporate Trust Services
NW 6441
P.O. Box 1450
Minneapolis, MN 55485-6441
Q: I am late making my payment. Will there be a late fee?
A: If a payment is not received by the end of the 15th day of the month, a late fee is applied.
Q: Can I make a payment over the phone?
A: Unfortunately, there is currently no option to make a loan payment over the phone.
Q: My accountant needs a statement of interest paid on my loan. Where can I get this?
A: The CSA makes available to LiftFund CDC Annual Statements for each SBA 504 loan at the beginning of every year. A LiftFund CDC servicing officer can provide you this upon request.
Q: How can I pay off my loan early?
A: Contact a LiftFund CDC servicing officer to schedule a payoff for your loan. Loans may be paid off between the sixth business day and the third Thursday of every month.
Q: Does my SBA 504 loan have a prepayment penalty?
A: SBA 504 loans with a 20 or 25-year term have a declining prepayment penalty for the first 10 years. SBA 504 loans with a 10-year term have a declining prepayment penalty for the first seven years.
Q: Can I make extra payments towards my loan principal?
A: No, SBA 504 loans must be paid as amortized, or be paid off entirely.
Connect with us
Monica Anderson
Closing Officer
210.503.2764
manderson@liftfund.com
Contact for:
- Amendments to Loan Authorizations
- 504 loan closings
- 504 loan prepayments
- Releases of liens
Antoniette “Toni” Ennis
504 Servicing Officer
210-890-5505
aennis@liftfund.com
Contact for:
- Annual Loan Statements
- Loan Balances and Payment Histories
- Changes to ACH accounts
- Updated contact information
- General loan requests