The two loans involved with the SBA 504 project are now totally separate, and you do not need our approval to refinance the first mortgage. However, the new lender will probably make their financing contingent upon receiving a loan subordination agreement from Growth Capital. If you plan on refinancing the first mortgage, please contact Bob Schordock in our Servicing Department at 216.592.2332, extension 206 or rschordock@growthcapitalcorp.com