Closing Your SBA Loan: Tip #1
* Comparing the SBA Authorization to Your Bank Approval *
Always compare the SBA Authorization to your bank approved credit memo. Regardless of how detailed you were with your submission package, or how many conversations you had with the SBA during the approval process, upon review you may find discrepancies between your bank approval and the SBA’s Authorization. As your borrower most likely committed to the loan based upon the bank’s approval, the sooner those differences can be resolved with the SBA, the sooner you’ll be able to get your borrower’s loan closed.
Sometimes the inconsistencies between the two approvals are caused by simple human error and are easily corrected using the bank’s unilateral authority or by sending a Stamp Action to the Processing Center. However, the Authorization may have additional provisions or changes to loan terms which were not anticipated, or the Authorization may have been issued without certain requirements which the bank included in its approval. Understanding why the SBA issued the Authorization the way they did and then, as the case may be, settling complicated discrepancies can be a challenge.
With our expertise, CGS can help you navigate both the simple and more complex situations to quickly resolve contradictions between the bank’s approval and the SBA’s Authorization. Click the link below and contact us today!
An existing auto dealership purchased a new building utilizing the SBA 7a program.
Orlando, FL - $1,460,000
An existing restaurant purchased land and constructed a building in close proximity to the location they were leasing. The SBA 504 program was utilized to fulfill their needs.
Deerfield Beach, FL - $1,000,000
An existing used car dealership purchased and renovated a building utilizing the SBA 504 program.
What Makes CGS the SBA's Gold Standard?