This article will cover the Best SBA 504 Commercial Real Estate Lenders and their financing options for qualified businesses. You’ll learn about loan amounts, interest rate structures, repayment terms, fees, credit requirements, geographic availability, application processes, and key lender features.
This comparison will help business owners identify suitable lenders for buying, building, expanding or refinancing commercial real estate projects.
What Is an SBA 504 Commercial Real Estate Loan?
SBA 504 commercial real estate loans are long-term financing that can help eligible small businesses purchase, build, expand, or improve commercial property they own and occupy. The funding usually consists of a loan from a private lender, a loan from a Certified Development Company (CDC) guarantyd by the SBA, and the borrower’s equity.
The portion of the financing guarantyd by the SBA can be long-term, fixed-rate financing. The private lender usually provides the first mortgage. Eligible uses include construction, renovations and certain fixed assets, purchase of buildings and land.
They can be useful for businesses looking for predictable payments and long-term ownership of commercial real estate, as SBA 504 loans provide a significant amount of financing with relatively low down payment requirements.
Key Points & Best SBA 504 Commercial Real Estate Lenders
| SBA 504 Commercial Real Estate Lender | Explanation |
|---|---|
| Live Oak Bank | Provides SBA 504 financing for commercial property purchases and business expansion. |
| Newtek Bank | Offers SBA-backed commercial real estate financing with flexible funding solutions. |
| Huntington Bank | Provides SBA 504 loans supporting owner-occupied commercial property investments and expansions. |
| U.S. Bank | Offers commercial real estate financing through established SBA lending programs nationwide. |
| Bank of America | Provides SBA financing options for qualifying commercial property purchases and improvements. |
| Wells Fargo | Supports eligible businesses seeking SBA-backed financing for commercial real estate projects. |
| Celtic Bank | Specializes in SBA lending and provides financing for commercial property needs. |
| Ready Capital | Offers SBA 504 financing solutions designed for qualifying commercial real estate borrowers. |
| Byline Bank | Provides SBA loans supporting owner-occupied commercial real estate acquisitions and improvements. |
| United Midwest Savings Bank | Offers SBA financing for eligible businesses purchasing or improving commercial real estate. |
10 Best SBA 504 Commercial Real Estate Lenders
1. Bank of America
Bank of America is a leading SBA 504 third party lender with 236 FY2026 504 loans and $424.6 million in volume through August 31, 2026. Its 504 structure usually consists of up to 50% first lien bank financing, up to 40% CDC participation and about 10% borrower equity.
Bank of America does not advertize a single universal 504 interest rate or minimum credit score; pricing and approval are determined by creditworthiness, collateral, cash flow, and underwriting.
SBA 504 financing uses long term fixed rate financing for the CDC loan. Commercial real estate applications typically need 60 to 90 days from the time of approval to the time of funding. Bank of America is a United States multi-market
Bank of America
| Feature | Details |
|---|---|
| SBA 504 Financing | Supports commercial real estate purchases, renovations, construction, and refinancing. |
| Loan Amount | $700,000 to $40 million listed for its 504 offering. |
| Maximum Term | Up to 25 years for qualifying real estate projects. |
| Financing | Can finance up to 90% of project cost or collateral value. |
| Rate Structure | Fixed, fully amortized rates are available. |
| Lender Experience | SBA Preferred Lender with extensive nationwide lending experience. |
| Approval | Preferred status allows certain SBA decisions to be handled in-house. |
2. Celtic Bank
SBA 504 financing for commercial real estate, land, construction, renovations and qualifying long term equipment. The published 504 information says financing is generally in the $350,000 range, projects could be over $5 million, and terms are as long as 20 years on its core 504 page.
The program features long term fixed rates and the bank portion may be subject to its own pricing. Celtic doesn’t have a blanket minimum credit score for 504 borrowers, but it reviews each borrower’s creditworthiness on a case-by-case basis.
It also has a fast application process including online application, in-house qualification and specialized SBA underwriting. Celtic says it serves small-business borrowers nationwide.
Celtic Bank
| Feature | Details |
|---|---|
| Commercial Property | Financing for existing buildings, land, construction, and property upgrades. |
| Loan-to-Value | Financing can reach up to 90% loan-to-value. |
| Project Size | Can support projects exceeding $5 million. |
| Interest Structure | Long-term fixed-rate financing. |
| Loan Terms | Terms available up to 20 years. |
| Balloon Payment | No balloon payments on its published 504 structure. |
| Industries | Experience includes restaurants, hotels, childcare, self-storage, and commercial solar. |
| Coverage | Nationwide SBA lending availability. |
3. First Citizens Bank
First Citizens Bank offers SBA 504 financing for the acquisition and refinancing of commercial real estate. Combined financing currently published is up to $13.5 million, comprising the SBA-backed portion and bank financing, with the SBA portion typically capped at $5 million or $5.5 million for eligible green-energy projects.
Borrower down payment as low as 10%. SBA 504 financing is typically long-term, fixed-rate financing with real-estate terms up to 25 years. First Citizens does not publish a universal minimum credit score and does not have a single 504 rate, as underwriting is transaction specific. Applications include lender underwriting and CDC coordination, approval and closing
First-Citizens Bank
| Feature | Details |
|---|---|
| SBA Program | Provides SBA-backed financing for eligible business investment needs. |
| Real Estate Focus | Supports qualifying commercial real estate financing. |
| Loan Structure | Combines bank financing with the CDC/SBA 504 portion. |
| Repayment | Long-term repayment can be available for commercial property. |
| Rate Type | SBA 504 structure generally provides long-term fixed-rate financing. |
| Eligibility | Subject to SBA requirements and First Citizens underwriting. |
| Best Use | Suitable for businesses financing major fixed-asset investments. |
4. JPMorgan Chase
JPMorgan Chase offers SBA 504 loans for large fixed asset projects such as commercial real estate and equipment. SBA 504 financing can provide up to $5.5 million per business for eligible commercial real estate and equipment projects, subject to SBA rules and project eligibility, Chase says. The bank’s first mortgage has separate lender pricing and terms.
The CDC portion has a fixed rate structure. Chase does not publicly disclose a minimum credit score or one 504 interest rate for all applicants. Instead, Chase looks at credit history, ability to repay, business strength, collateral, and eligibility. Applications include business and ownership information, financial documents, and an evaluation of eligibility for SBA assistance.
JPMorgan Chase
| Feature | Details |
|---|---|
| Real Estate Financing | SBA 504 can finance commercial real estate purchases. |
| Construction | Financing can support qualifying construction projects. |
| Equipment | Can finance qualifying long-term equipment purchases. |
| Refinancing | Eligible debt refinancing is supported under the 504 program. |
| Loan Amount | Maximum varies according to project structure. |
| Fees | SBA fee applies to CDC portion; Chase origination fee may apply. |
| Banking Access | Large branch network and established business banking infrastructure. |
5. Harvest Small Business Finance
Harvest Small Business Finance is a nationwide lender specializing in SBA-backed commercial real estate loans. Harvest’s 126 SBA 504 third-party approvals in FY2026 placed it among the top volume lenders in the category. It’s 504 lending finances owner-occupied commercial real estate projects, but the exact loan size, rate, fees and borrower equity depend on the structure of the project and the requirements of the SBA.
Harvest’s does not publicly trumpet one minimum credit score or one standard 504 rate for all borrowers. The firm has a national geographic reach and specializes in structuring SBA 504 and 7(a) transactions for commercial property purchases and refinances.
Harvest Small Business Finance
| Feature | Details |
|---|---|
| Main Specialty | SBA financing with strong focus on small-business funding. |
| 504 Lending | Active third-party lender for SBA 504 transactions. |
| Commercial Real Estate | Suitable for qualifying owner-occupied commercial properties. |
| Loan Structure | Works within the standard bank-and-CDC 504 structure. |
| Geographic Reach | Broad/nationwide SBA lending coverage. |
| Funding Focus | Designed around business expansion and major fixed assets. |
| Lending Position | Among the highest-volume 504 third-party lenders in FY2026. |
6. Bank Five Nine
Bank Five Nine is a regional SBA lender and among the top FY2026 SBA 504 third-party lenders, with 53 approvals in the latest published activity ranking. Its SBA 504 financing can support owner-occupied commercial real estate and other qualifying fixed assets that are eligible.
The SBA portion will be in line with the program’s maximums, with the bank deciding the first-mortgage amount based on project economics, collateral, cash flow and underwriting. Bank Five Nine does not publicly post its universal minimum credit score, standard 504 interest rate and one fixed fee schedule.
These are generally transaction-specific. Its geographic availability is more regional than national, so borrowers should check eligibility for their project location prior to applying
Bank Five Nine
| Feature | Details |
|---|---|
| SBA 504 Activity | Active third-party lender within the SBA 504 program. |
| Commercial Property | Financing can support eligible owner-occupied real estate. |
| Loan Structure | Participates as the private-sector lender alongside a CDC. |
| Fixed Assets | Designed for qualifying major fixed-asset investments. |
| Approval | Subject to SBA eligibility and bank underwriting. |
| Geographic Focus | More regional than nationwide lenders. |
| Lending Activity | Recorded 53 504 approvals in FY2026 data cited by NerdWallet. |
7. Glacier Bank
Glacier Bank is another large regional player in SBA 504 commercial real estate financing, with 43 FY2026 504 third-party approvals in the latest lender ranking. The SBA 504 loan program provides long-term financing for eligible owner-occupied commercial real estate and other fixed assets, with the SBA-backed portion subject to current program limits.
Glacier Bank does not publicly advertize a universal minimum credit score or one standard 504 interest rate, as pricing and approval are based on the qualifications of the borrower, the structure of the project, collateral and the ability to repay. Fees may include applicable SBA closing costs.
Geographic availability is primarily driven by Glacier’s regional banking footprint, so applicants should verify whether their property location is within its existing lending area
Glacier Bank
| Feature | Details |
|---|---|
| SBA 504 Participation | Provides private-sector financing for eligible 504 projects. |
| Property Financing | Can support qualifying commercial real estate investments. |
| Loan Structure | Works with CDC financing under the SBA 504 framework. |
| Fixed Assets | Suitable for major business-related fixed assets. |
| Regional Advantage | Particularly relevant for borrowers within its banking footprint. |
| Underwriting | Approval depends on borrower and project qualifications. |
| FY2026 Activity | Recorded 43 SBA 504 third-party approvals in current data. |
8. Zions Bank
Zions Bank provides SBA 504 commercial real estate lending and in the most recent published ranking had 35 FY2026 third-party 504 approvals. Its financing is in the standard 504 format, with a private lender providing the senior first mortgage and a CDC providing the SBA-backed portion.
The SBA-backed amount can be up to the program maximum and the total project financing can be more, depending on the bank’s first-mortgage underwriting.
Because rates and approvals are borrower-specific and project-specific, Zions does not publish a universal minimum credit score or one current 504 interest rate. Applicants should expect to provide financial statements, credit information, property documentation, and business records during the underwriting process.
Zions Bank
| Feature | Details |
|---|---|
| SBA Financing | Participates in SBA-backed commercial financing. |
| 504 Structure | Provides the private-sector portion alongside a CDC. |
| Commercial Real Estate | Suitable for eligible owner-occupied property projects. |
| Fixed Assets | Supports qualifying long-term business assets. |
| Loan Approval | Based on SBA requirements and Zions’ credit underwriting. |
| Regional Reach | Stronger presence in Western U.S. markets. |
| FY2026 Activity | Recorded 35 SBA 504 third-party approvals. |
9. EverBank
EverBank provides SBA 504 financing for commercial real estate, improvements, new facilities, land and qualifying long-term equipment. Its current SBA info lists up to $5.5 million in 504 financing and long-term fixed rates. EverBank requires existing for-profit businesses and has 51% owner-occupancy requirements for an existing facility or 60% for new construction.
It does not publish a single 504 rate or universal minimum credit score. Underwriting is done on a case-by-case basis, looking at the borrower and project. EverBank became an SBA Preferred Lender in February 2026. This means more independence in approving loans and potentially faster processing. The bank says its SBA lending operation works with customers nationwide.
EverBank
| Feature | Details |
|---|---|
| SBA 504 Lending | Offers SBA-backed financing for qualifying business projects. |
| Real Estate | Suitable for commercial real estate acquisition and development. |
| Fixed Assets | Supports major fixed-asset investments under SBA guidelines. |
| Loan Structure | Uses the standard CDC/private-lender 504 structure. |
| SBA Expertise | Participates in SBA lending alongside other business-financing products. |
| Geographic Availability | Broad U.S. lending availability for eligible borrowers. |
| FY2026 Activity | Recorded 37 SBA 504 third-party approvals. |
10. U.S. Bank
U.S. Bank offers SBA 504 real estate financing for businesses that are buying qualified owner-occupied commercial property and fixed assets. It’s current published information says it has an SBA 504 real-estate financing amount of up to $12.375 million which is indicative of the total financing structure and not just the SBA guarantyd debenture.
U.S. Bank offers 504 real estate financing for up to 25 years. Pricing is based on underwriting and borrower qualifications and the bank does not publish a single minimum credit score or a standard 504 interest rate. Applicants need personal and business credit information, personal financial statements and generally a minimum of six months in business, but experience may affect qualification
U.S. Bank
| Feature | Details |
|---|---|
| SBA 504 Amount | Offers 504 financing up to $12.375 million for qualifying projects. |
| Real Estate Terms | Repayment terms can extend up to 25 years. |
| Property Financing | Designed for qualifying commercial real estate projects. |
| Equipment | Also supports eligible long-term equipment financing. |
| Business Eligibility | May consider businesses with as little as six months’ history. |
| Geographic Coverage | Primarily states where U.S. Bank maintains branch coverage. |
| SBA Status | SBA Preferred Lender. |
Our Selection Process for SBA 504 Lenders
- SBA 504 Lending Experience: Sought out lenders with significant experience on SBA 504 transactions as well as commercial projects.
- Available Financing: Compared available funding amounts and financing options for qualifying commercial real estate projects.
- Loan Terms: Reviewed repayment periods, financing structures, types of interest-rate and project terms available.
- Transparency: How easy it is for lenders to disclose rates, fees, eligibility requirements and financing conditions.
- Geographic Coverage: We looked at whether the lenders serve local, regional, or nationwide commercial real estate borrowers.
- Application Process: Reviewed document requirements, application process, underwriting, approval, and expected funding timelines.
- Commercial Real Estate Expertise: Target lenders with expertise in financing the purchase, construction, expansion and improvements of properties.
- Borrower Fit: Considered what lenders might be a good fit for different business sizes, property types, financing needs and borrower profiles.
Conclusion
To summarize, the best SBA 504 commercial real estate lenders will depend on the size of your project, financing needs, type of property, credit profile, and location. Before you apply, check loan limits, interest rates, fees, repayment terms, eligibility requirements and approval timelines.
With the right lender, your business can afford to buy, build, expand, or improve commercial real estate. And enjoy predictable long-term financing.
FAQ
How much can an SBA 504 loan finance?
Eligible projects can receive substantial financing, with SBA-backed amounts generally reaching up to $5.5 million for qualifying projects.
What down payment is required for SBA 504?
Borrowers typically contribute at least 10% of project costs, although certain projects may require higher borrower equity.
Are SBA 504 interest rates fixed?
The CDC portion generally uses a fixed interest rate, helping borrowers maintain predictable monthly payments throughout the loan term.
What properties qualify for SBA 504 financing?
Eligible uses can include owner-occupied commercial buildings, land, construction, renovations, expansions, and certain long-term fixed assets.
