Best Practices: What Every Witness Should Know Before Giving A Deposition
As with most litigation, most of the time and expense is incurred in the pre-trial phase known as discovery. During discovery, the parties to the lawsuit have the opportunity to obtain relevant information from each other, and from persons who are not parties to the lawsuit. The most likely sources of useful information are documents, ... Read More
Best Practices: Liquor License Liens
When financing a start-up or business acquisition, lenders typically require a lien on the business assets of the borrower as collateral. If the borrower operates a restaurant serving alcohol or a retail store selling alcoholic beverages, then the lender should determine, as part of its “prudent lending standards,” whether it should place a lien on ... Read More
Best Practices: Landlord Waivers for Leasehold Improvement Loans
According to Chapter 5, Section V of SOP 50 10 5(H), when substantial loan proceeds from a U.S. Small Business Administration guaranteed loan are to be used for leasehold improvements or a substantial portion of the collateral of an SBA loan consists of leasehold improvements, fixtures, or equipment that will become affixed to real property, ... Read More
Best Practices: Lender’s Responsibilities for Disbursing an SBA Loan
One of the most important conditions in underwriting, documenting and properly closing an SBA loan is making sure that the use of loan proceeds complies with, and is subsequently disbursed, in the manner dictated by the SBA in the Loan Authorization. It is the responsibility of the Lender to ensure that all conditions are met ... Read More
Best Practices: Closing Instruction Letters
The last few days before a closing can be a hectic time. Each party has its own responsibilities and everyone must make sure that there is an agreement as to when and how a closing will occur. No matter how chaotic this time can be, lenders should consider preparation of written closing instructions to be ... Read More
Best Practices: New Year, New Policies and Procedures
If there is one constant in the world of SBA lending, it is change. SBA rules and regulations are constantly transforming with new interpretations of existing rules and updated regulations being issued with increasing frequency. With the start of the new year, and renewed optimism of SBA lending participants, bolstered in part by the increased ... Read More
