My SBA FAQs
Even though I work for a company that provides SBA 504 loans, I am frequently asked about SBA 7a loans, particularly as many area lenders no longer have an SBA expert in-house. So I thought I would start a blog of frequently asked questions. This will include 504 and 7a and hopefully I'll have the stamina to update this regularly, starting now! I'll state upfront the standard disclosure that every deal and circumstance has it's own nuances and to think about the "big picture" not just the singular question. June 27, 2022 - Primary Residence as Collateral Q: If the bank takes a lien on a principal's primary residence, what happens if they want to move in a year? A: Funds from the proceeds of the sale of the home would be escrowed to be used towards the acquisition of the new property with a new mortgage to secure the original loan. Big Picture: The timing of the replacement secondary mortgage can be tricky as most "conventional" mortgage lenders