7(a) Loan Underwriting December 12, 2017 Level: Basic
[Pages:39]SBA West Virginia District Office SBA Tennessee District Office
7(a) Loan Underwriting December 12, 2017 Level: Basic
For technical assistance, call the AT&T Helpdesk at 888-796-6118 Thank you!
SBA West Virginia District Office 11:00 a.m. Eastern
UNDERWRITING BASICS Presented by: Gary Griffin
President/CEO Capital Growth Solutions, LLC
SBA West Virginia District Office SBA Tennessee District Office
We would like to thank Gary Griffin for his time on this webinar and providing information regarding his
experience in lending and working on SBA loans from his perspective.
All opinions, conclusions, and/or recommendations expressed herein are those of the presenter(s) and do not necessarily reflect the views of the SBA.
Conversation topics :
The more dealt with on the front end, the faster the entire process. Obtain the detail upfront to eliminate surprises.
Difficulty of refinancing existing SBA debt and why this is the case Interim loans should be a rarity, realistic timeframes need to be established Importance of experienced closing attorney Importance of third party reports and ordering them immediately upon
receipt of SBA authorization Importance of each item of the authorization being adhered to in order to
protect guaranty Each program: Small loan, Express, 504, FSA and USDA are their own
animal. There are different rules, guidelines, etc.
Pre-screen
Loan Application (What are we trying to accomplish?) Synopsis of loan request (preliminary ? this often changes during the underwriting process) Provides details on Sources and Uses of funds
Example:
Purchase of Real Estate: Real Estate Improvements: Purchase Equipment: Refinancing existing debt: Working Capital: Closing Costs: Total: Less Equity Injection: Loan Request:
$ 760,000 (Need contract) $ 40,000 (Need contract) $ 50,000 (Need quotes) $ 50,000 (Need copy of note) $ 60,000 (Anticipated use) $ 40,000 $1,000,000 ($ 100,000) (Source?) $ 900,000
Pre-screen
Personal Financial Statement Current (within 90 days of SUBMISSION) Detailed
Management resumes
SBA Form 1919 and corresponding SBA Form 912, if applicable. Clearance must be granted prior to SBA submission
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