Pay Off My Loan
Prepayments on SBA-504 loans are made on a monthly basis. If you wish to pay your outstanding loan balance, you need to contact CDC in writing outlining your request. CDC requires 15 days written notice from the borrower to establish a payoff date; prepayments are only accepted on the 3rd Thursday of each month. For your convenience, we have provided a quick form below that can be submitted as your written notice.
Please provide the following information in your written notice to CDC:
- Month and date the loan is to be paid off (a 3rd Thursday)
- SBA loan number(s) and property address
- Your contact information, including phone number, email address and/or fax number
- New mailing address if you will be moving from the property address referenced above
- Escrow or Bank contact information, if applicable
- Your signature and date signed
Please send your completed form to:
We do recommend that you call Margaret to confirm receipt of your written notice of intent to pay off your loan. Margaret can be reached directly at 619.243.8618.
Note: To avoid additional principal interest and fees the optimal months to payoff the loan would be the months in front of your semi-annual months. If you need help confirming your semi-annual months please call Margaret at 619.243.8618.