FFCFC Achieves Lowest Closing Costs in Florida

Lenders and borrowers can be assured that Florida First Capital’s closing costs and servicing fees for 504 loans are the lowest in Florida and among the lowest in the nation.

Closing costs and servicing fees for 504 loans vary depending on which Certified Development Company (CDC), like Florida First Capital, a lender or borrower chooses. Though SBA offers guidelines on attorney’s fees, for example, other CDCs regularly ask SBA for permission to exceed the guidelines.

Florida First Capital limits attorney’s fees and even created a program to lower fees if a borrower chooses a 504-certified attorney to close both the conventional bank loan and the 504 loan. Certified attorneys are trained by the National Association of Development Companies and approved by FFC.

The difference between our cost structure and that of our competitors can be significant:

Example: Attorney’s fees for a typical FFC 504 loan are $2,500. Other CDCs have been known to charge twice as much, ($5,000).

If a borrower chooses an FFC-approved attorney for both sides of the transaction, our attorneys will reduce or even waive the 504 closing fee. This is a potential $5,000 swing in the borrower’s favor just by choosing Florida First Capital instead of another CDC.