Tag Archives: SBA

SBA LOANS – WHEN TO ORDER AN ENVIRONMENTAL STUDY

May 22, 2014

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SBA lenders must be aware of the need to order environmental studies on properties that serve as collateral on a SBA loan.  An Environmental Investigation must be conducted before taking any Loan Action that could result in a loss, or increase the risk of loss, due to the actual or alleged presence of Contamination. For example, an Environmental Investigation must be conducted before:

  • Accepting Property as substitute collateral;
  • Releasing a lien on collateral for substantially less than its estimated Recoverable Value based on unsubstantiated allegations of Contamination;
  • Abandoning collateral, which would otherwise have Recoverable Value, based on unsubstantiated allegations of Contamination;
  • Acquiring title to Property held as collateral, e.g., by purchasing it at a foreclosure sale or accepting a deed-in-lieu of foreclosure;
  • Taking over the operation of a business that uses Hazardous Substances or is located on Contaminated Property regardless of whether the Borrower owns the Property;
  • Selling REO or acquired personal property collateral for substantially less than its appraised value based on unsubstantiated allegations of Contamination; and
  • Abandoning REO or acquired personal.

Read entire article… Source: Prudent Lenders, LLC. Author: Lance Sexton

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DISTINGUISHED PANEL DISCUSSES THE LIFE CYCLE OF AN SBA LOAN AT JULY 19TH LUNCHEON

July 23, 2013

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The Life Cycle of an SBA Loan was the topic at The Loan Committee luncheon held on July 19, 2013 at the Tower Club.  The panel included Miguel Gonzalez, Assistant District Director of the SBA, Mitch Fogel, Esq. with Fogel Law Group, Jeni Chokron, VP with SunTrust Bank, Rick Von Minden, SBA Business Development Officer with TD Bank, and Alejandro Buitrago with Florida First Capital Finance Corporation.  The presentation included a discussion of governments role and addressing lender and borrower concerns, the pre-underwriting and underwriting process, 7A and 504 eligibility requirements, documentation requirements for 504 loan approval, CDC’s role, and the closing process – obstacles and pitfalls.

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