Business loan refinance (lending, fees, loans, transaction)

[LingLing]

We have a business loan for a medical office. The loan is ~300K. $150 k was used for internal build up and another 150K was used for equipment purchase. The loan was obtained when the prime rate was 8.25%. Now the prime rate is low, and we are wondering whether it is possible to refinance the loan. Is it possible? How to approach banks about it? Thank you in advance for advice.

[Ultrarunner]

What about GE capital... they seem to be very strong in the medical lending field...

[StealthRabbit]

Do check with your lender, as business loans often have very steep 'pre-payment' / fees / penalties. + they may be willing to offer you a lower rate on existing loan. They often have a lot of latitude, but not too upfront about offing it, especially if they are making money on you. Maybe you can offer then some of your other business so they can reap 'transaction fees' or something else that would be a 'perk' to them.

[LingLing]

Originally Posted by Ultrarunner

What about GE capital... they seem to be very strong in the medical lending field...

Thank you. I will check into GE capital.

Also thank you, janb. I will check with our primary lender.