Under Subpart B, Chapter 4, Section II of SOP 50 10 5(H), a lender must use commercially reasonable and prudent practices and procedures to identify property which may be collateral…
The SBA imposes occupancy requirements when loan proceeds include the purchase of an existing building or for new construction. These requirements are designed to ensure that the borrowing entity’s business…
Most SBA lenders are aware of the rule that they cannot request that the SBA purchase a loan guaranty until the loan has become at least 60 days past due.…
Documenting disbursements can be a monumental task for SBA lenders on construction loans. SBA cites failure to use loan proceeds as required by the SBA loan authorization as one of…
Late last year, the American Land Title Association (ALTA) and the National Society of Professional Surveyors (NSPS), successor to the American Congress of Surveying and Mapping (ACSM), adopted new Minimum…
When financing a government guaranteed loan through the Small Business Administration (“SBA”) 7(a) program, lenders must not only identify all collateral required by the SOP 50 10 but also obtain…