Corrie Thrasher Joins Starfield & Smith; Firm Opens Atlanta Office
Corrie Thrasher has joined Starfield & Smith as its newest Partner managing the firm’s recently opened office in Atlanta, Georgia. In this role, Thrasher will be responsible for advising lenders on government guaranteed lending compliance issues, and businesses with respect to real estate and business transactions. Thrasher has over ten years of experience in commercial ... Read More
Florida Documentary Stamp Tax and Nonrecurring Intangible Tax
A lender that either: (i) finances a loan in the state of Florida, whether or not the loan is secured by Florida real property; or (ii) secures an out-of-state loan with Florida real property collateral should be careful to calculate and collect at closing the amount of documentary stamp tax and intangible tax (if applicable) ... Read More
Proceed with Caution: How Bad Tenants and Squatters can Impact a Real Estate Acquisition Transaction
Under the SOP 50 10 5 (K), SBA loan proceeds may be used to finance the purchase of real estate as part of an eligible project such as ground-up construction or improvements to an existing building. When loan proceeds are used to finance the purchase of an existing building, the borrower may need to evict ... Read More
Best Practices: Flood Insurance Requirements under 50 10 5 (K)
It seems like every time we turn on the television, we see communities across the United States devastated by storms and resulting floods. These floods destroy homes and businesses alike. When businesses financed with SBA loans are hit with flooding issues, losses can extend to the lenders that advanced the loans as well as the ... Read More
Best Practices: Post-Closing Follow Up for Commercial Construction Loans
When closing a commercial construction loan, a lender’s due diligence gathering typically does not end at the loan closing table. Once a construction loan closes, a lender must carefully follow up on its post-closing conditions. In most cases, the borrower provides the plans, permits, construction documents, and contractor’s insurance pre-closing. However, there are cases, such ... Read More
Best Practices: Obtaining And Executing On A Judgment With Respect To A SBA Loan – Does It Make Economic Sense?
When a lender has a SBA loan that has gone into default the lender must take steps to liquidate the collateral securing the loan. Sometimes borrowers are cooperative and most times they are not. In cases where you have an uncooperative borrower, litigation may be necessary to liquidate the collateral. However, in cases where litigation ... Read More