SBA/USDA Loan Closing Services
One of the biggest benefits of SBA lending is knowing that a government guaranty will be there if a borrower defaults. But lenders should also know this: the Agency may cancel, deny or repair its guarantee when deficiencies occurred as the loan was prepared.
Missteps now can mean misfortune later on.
The SBA expects lenders to close 7(a) loans with the same precision they use for closing non-SBA credits. On top of that, lenders are required to satisfy all terms and conditions that the SBA specifies in its authorization of the government guaranty. Rest easy. Holtmeyer & Monson knows exactly what the Agency is looking for, and we’ll make sure you cover every single detail.
Three of the most common guaranty problems occur at closing.
By “guaranty problems” the SBA means:
- Undocumented, improper, unauthorized or uncontrolled disbursement of loan proceeds
- Failure to obtain or adequately document a required equity injection
- Failure to obtain required collateral and/or properly perfect the lender’s lien position
And these are just a few areas of concern -- volumes of forms, documentation, calculations and more go into making a complete closing package error free. Can it be done? We prove it every day. We’ll instruct you on everything required for closing and disbursing loans in compliance with SBA/USDA requirements, making sure that the right documents are on the right forms.
Keep things from coming back to haunt you.
Closing is also your last opportunity to discover eligibility and credit issues before dispersing the loan. That’s another big reason to partner with H&M right from the start. We’ll see that any environmental, franchise or trust issues are dealt with early. We’ll be timely about checking off issues that need resolving. We work hard from day one to prevent any “back end” problems with your loan guarantee.
Why Our Clients Recommend H&M
"With Holtmeyer & Monson's help, we've been able to provide a unique loan structure to customers for whom an approval would have been daunting due to a one-time loss, thin equity or illiquid collateral."
"Holtmeyer & Monson handles the application process from start to finish, engaging with the customer to answer any questions that arise. They also communicate with SBA throughout the process to make sure that the application and approval are smooth and efficient."
"Holtmeyer & Monson works well for even the smallest of banks. From origination to closing to the selling of the guaranty, H&M will make the process very simple and profitable for everyone."