Best Practices: The Need to Review Title Exceptions
Most, if not all, commercial real estate developments contain covenants, conditions, and restrictions (commonly called “CC&Rs”) used to regulate the use, appearance, and maintenance of commercial real property. These CC&Rs are recorded in the public records and run with the land, i.e., in perpetuity, unless otherwise terminated. They are identified as title exceptions in title ... Read More
Best Practices: Lender’s Obligations during PPP Forgiveness
Now that the PPP loan program has closed to new PPP loan originations, lenders may shift their full attention back to the forgiveness process. It is important that lenders continue to keep up with the latest guidance to ensure that they are processing forgiveness applications properly. Lenders should start by making sure they are aware ... Read More
Seven Starfield & Smith Attorneys Names to Pennsylvania and Delaware 2021 Super Lawyers and Rising Stars Lists
Starfield & Smith is proud to announce that seven of its attorneys have been named to the 2021 Pennsylvania and Delaware Super Lawyers lists; Recognized as Super Lawyers: Ethan Smith (Banking) David Starfield (Banking) Norman Greenspan (Business Litigation) Recognized as Rising Stars: Jennifer Borra (Banking) Lyndsay Rowland (Creditor Debtor Rights) Katherine Tohanczyn (Banking) Demetri Braynin (Banking) Starfield & Smith has ... Read More
Best Practices: Verification of Financial Information for SBA Loans
SOP 50 10 6 requires SBA Lenders to obtain and verify tax information on applicants, and on sellers in the case of a business acquisition, by obtaining tax transcripts and comparing them to the tax returns or financial information provided by the applicant and/or seller, as applicable. The purpose of the verification of financial information ... Read More
Best Practices: Condominium Collateral
A condominium is a building or complex of buildings containing a number of individually owned apartments, houses, or buildings, where each owner has full title to its individual apartment, house or building, and an undivided interest in the shared parts of the property. Examples of the “shared parts of the property” are hallways, elevators, building ... Read More
Best Practices: SBA Loan Closing Challenges During the COVID-19 Pandemic
After more than a year into the COVID-19 pandemic, demand for small business financing through SBA lending programs remains strong. SBA lending partners have approved a substantial number of loans since the start of the pandemic. With government subsidies in the form of guaranty fee and ongoing servicing fee waivers, along with continued covered monthly ... Read More
