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…
When SBA lenders use loan proceeds to refinance existing debt, there are various requirements that must be met for the loan to be eligible. SOP 50 10 5 (H), Subpart…
When a commercial loan goes into default, it is not uncommon for the borrower or guarantor (or both!) to enter bankruptcy. A bankruptcy filing by the borrower or guarantor has…