The short answer: Debentures priced November 5, 2026 carry a 25-year effective rate of 6.574%. That rate is current until the December 10, 2026 debenture sale. A blended 504 payment cannot be stated as one number here, because the first-mortgage rate is not published. An owner-user who will not qualify on tax returns can use 12 months of business bank statements instead.
Cressida Direct is a correspondent lender on SBA 504 and 7(a) loans and places them with national wholesale lenders. Cressida Direct does not make, fund, or approve SBA loans. The rate below is the debenture effective rate, not a quote from Cressida Direct.
What is the November 2026 25-year SBA 504 rate?
The 25-year effective rate for debentures priced November 5, 2026 is 6.574%. The rate-history page checked on November 13, 2026 says its figures include fees and are based on debenture pricing published by NADCO, effective November 5, 2026, and that they change with each monthly funding cycle. The November column shows 6.574% for 25-year, 6.584% for 20-year, and 6.590% for 10-year. The December column on that table is blank. A November 5, 2026 rate sheet rounds the 25-year figure to 6.57%. A separate pricing page lists the next pricing date as December 10, 2026. This article treats 6.574% as current until that sale.
How do you blend a 504 rate when buying a building?
A typical SBA 504 project for an established business is about 50% first mortgage, 40% debenture, and 10% borrower equity. Only the debenture piece is 6.574% on the November 5, 2026 25-year pricing. The first mortgage is priced separately. Cressida Direct does not publish that first-mortgage rate, so this article does not invent one and does not publish a blended percentage.
The formula for the rate on the financed 90% is (0.50 × first-mortgage rate + 0.40 × 6.574%) / 0.90. Leave the first-mortgage rate as an input from the national wholesale lender's term sheet. The 10% equity is not part of that average.
What does the bank-statement loan cost and require?
The published rate range on the owner-occupied commercial real estate loan is 8.25%–11.25%. That range is not a quote. The loan uses 12 months of business bank statements and no tax returns. Including tax returns disqualifies a bank-statement file. A separate tax-return program exists as an option, and its terms are not restated here.
Qualifying cash flow is 30% of average monthly business deposits, and that cash flow must cover debt service at a 1.15x DSCR. The minimum FICO is 650. The business must occupy 51% or more of the building. Purchase loan-to-value goes up to 80%. A refinance, including cash-out, is capped at 75% loan-to-value, and there are no restrictions on how cash-out proceeds are used. Borrowers are an individual, an LLC, or an S-corp. A partnership is not eligible. Loans run from $200,000 to $3 million. To refinance, the borrower must have owned the building at least 6 months. A matured or defaulted loan is reviewed case by case, in some cases. That review is not a promise of approval.
The rate is fixed for 5 or 30 years. The loan is fully amortized over 25 or 30 years, with no balloon. Those are different periods. This article does not describe what happens after a 5-year fixed period. The prepayment penalty is 5-4-3-2-1. A typical file closes in 35–45 days. The loan is available in 44 states (all except DE, HI, ND, SD, WV, WY). Property types are the ones on the owner-occupied page: office, medical and dental, retail, light industrial and warehouse, mixed-use, automotive, restaurant and bar, day care, and self-storage.
Which path fits an owner buying the building?
| SBA 504 debenture, November 2026 | Owner-occupied bank-statement loan | |
|---|---|---|
| Rate | 25-year effective rate 6.574% on the November 5, 2026 debenture. First-mortgage rate is separate and not published here. | Published range 8.25%–11.25%. Not a quote. |
| Documents | Full documentation, including tax returns. | 12 months of business bank statements. Tax returns disqualify the file. |
| Close | Typically 60–90 days on the SBA program page. | Typically 35–45 days. |
| Size Cressida Direct will place or lend | SBA loans placed from $750,000. Cressida Direct does not fund them. | $200,000–$3,000,000, lent directly. |
| Geography | See the SBA page. | 44 states (all except DE, HI, ND, SD, WV, WY). |
Frequently asked questions
What is the November 2026 SBA 504 25-year rate?
The 25-year effective rate for debentures priced November 5, 2026 is 6.574%. That figure is the NADCO-based rate on the November column of the SBA 504 rate history checked November 13, 2026, and a separate November 5 rate sheet rounds it to 6.57%. It stays the current rate until the next debenture sale on December 10, 2026.
Can the November 2026 SBA 504 rate be blended into one number?
Not as a single published number. A typical 504 project is about 50% first mortgage, 40% debenture, and 10% equity. The blended rate on the financed 90% is (0.50 times the first-mortgage rate + 0.40 times 6.574%) divided by 0.90. Cressida Direct does not publish the first-mortgage rate, so this article does not fill that input in.
What does the owner-occupied bank-statement loan use instead of a tax return?
Twelve months of business bank statements. Including tax returns disqualifies a bank-statement file. Qualifying cash flow is 30% of average monthly business deposits, and that cash flow must cover debt service at 1.15x. The minimum FICO is 650. Loans run from $200,000 to $3 million, in 44 states, and a typical file closes in 35–45 days.
Does Cressida Direct make or fund SBA 504 loans?
No. Cressida Direct is a correspondent lender on SBA 504 and 7(a) loans and places them with national wholesale lenders. Cressida Direct does not make, fund, or approve SBA loans.
Where to go next
Compare the programs on SBA 504 vs. a bank-statement loan, read the owner-occupied commercial real estate loan, or see SBA 504 and 7(a). Call 877.308.7557.
This article is general information, not a rate quote, a commitment to lend, or tax advice. The 6.574% figure is the November 5, 2026 debenture effective rate, current until the December 10, 2026 sale. Final SBA pricing is set by the national wholesale lender and the debenture sale. The bank-statement range is the range already published on the owner-occupied page.
About the author
By the Cressida Direct team. This article does not name an individual reviewer.
Sources
- SBA 504 rate history, effective November 5, 2026, described on the page as NADCO-based debenture pricing including fees. November 25-year effective rate 6.574%. Checked November 13, 2026. https://cdcloans.com/sba-504-rates/
- November 2026 SBA 504 interest rates, posted November 5, 2026. 25-year terms rounded to 6.57%. https://somercor.com/november-2026-sba-504-interest-rates/
- SBA 504 rate pricing page stating the next pricing date is December 10, 2026. Checked November 13, 2026. https://www.growthcorp.com/sba-504-rate-pricing/