First Lien Position 504 Loan Law and Legal Definition

According to 13 CFR 120.1700 [Title 13 -- Business Credit and Assistance; Chapter I -- Small Business Administration; Part 120 -- Business Loans; Subpart J--Establishment of SBA Secondary Market Guarantee Program for First Lien Position 504 Loan Pools], First Lien Position 504 Loan refers to “the financing provided by the First Lien Position 504 lender that is part of the 504 project financing.”