Servicing Tip
To facilitate a planned closing, we would ask that you provide us with reasonable notice of a pending change so that we have time to obtain the necessary approvals and /or documents and signatures without impacting the anticipated closing date. Legal documents generally require an SBA signature, so please allow time for preparing and transmitting signature documents back and forth to Little Rock, AK.
SBA Issues A Revised SOP
SBA issued its six month SOP update which will be effective Oct. 1, 2009. There were no significant surprises for the 504 program. SOP updates will now be issued every 12 months. The SOPs are on SBA’s web site at www.sba.gov , go to Tools, select SOPs, and look for SOP 50 10 5 (B) for the most current version. Or, if you have a question, just give us a call!
September Fundings
BFG funded nine loans totaling $7.7 million in the September Bond sale. Our participating first trust lending partners included: Access National Bank, Bank of America, Burke & Herbert Bank and Trust Company, Commerce First Bank, Frontier Community Bank, Fulton Bank, SunTrust Bank, Wachovia Commercial Mortgage, and Virginia Commerce Bank. Thanks for your support! Borrowers included two manufacturers, medical and dental practices, a lawn-garden-hardware store, an executive recruiting firm, a laundromat, a graphic design firm, and a health industry consulting firm. As a result of the 504 loans, 125 new jobs are expected to be created while an exporter, two minority and one veteran business were assisted.
Closing Tip
If there are no renovations or construction, we can close the 504 loan at the same time the bank loan closes. The bank will continue to provide bridge financing as the 504 bond sale (and 504 funding) will not occur for 30—45 days. By closing together, we can potentially save the borrower closing costs. Additionally, the bank is then assured the 504 pay down will occur very quickly. Please contact us if you would like additional information on simultaneous closings.
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