Monthly Archives: November 2020

SBA Loans: How to Maximize Recovery by Liquidating Personal Property

When a small business association (“SBA”) loan is converted to liquidation status, the lender must begin liquidating the collateral. Lenders must liquidate all personal property that has a Recoverable Value over $5,000. If the Recoverable Value is over $5,000, the … Read Full Post

CATEGORY: Banking & Financial Services Industry Blog Practice Areas: ,

How Can a Secured Creditor Repossess Collateral Without Breaching the Peace?

When a borrower applies for a loan, most lenders require the borrower to pledge an asset as security for the repayment of the loan, i.e. collateral. In the event the borrower defaults, usually by failing to make loan payments, a … Read Full Post

CATEGORY: Banking & Financial Services Industry Blog Practice Areas:

SBA Loans: How to Maximize Recovery by Liquidating Real Property

When a small business association (“SBA”) loan is converted to liquidation status, the lender must begin liquidating the collateral. If the collateral is real property, the lender must liquidate all parcels of real property that has a Recoverable Value over … Read Full Post

CATEGORY: Banking & Financial Services Industry Blog Practice Areas: ,

Does a Tolling Agreement Extend the Miller Act’s (or Little Miller Act’s) One-Year Period to File a Lawsuit on a Payment Bond?

Pursuant to the Miller Act and Florida’s Little Miller Act, when certain subcontractors and material suppliers have not been paid on public construction projects, they must file their lawsuit on the payment bond within one-year after the last day labor … Read Full Post

CATEGORY: Florida Construction Industry Law Blog Practice Areas:

SBA Loan Site Visits: How to Prepare and What to Expect

Conducting site visits are an important aspect of servicing SBA loans. Site visits allow lenders and Certified Development Companies (CDCs) to gain a first-hand impression of the borrower’s business operations, evaluate risks, and inventory the collateral. Frequent site visits help … Read Full Post

CATEGORY: Banking & Financial Services Industry Blog Practice Areas:

Loan Modification and Deferment Requirements for SBA Lenders

If a borrower is experiencing difficulties making payments on their SBA loan, they may seek relief with the lender or CDC by requesting a loan modification or deferment. When a lender or CDC receives such a request from a borrower, … Read Full Post

CATEGORY: Banking & Financial Services Industry Blog, Florida Business Litigation Blog Practice Areas:

What Responsibility and Authority do SBA Lenders Have in Servicing and Liquidating Loans?

Lenders are responsible for servicing and liquidating all of the 7(a) loans in their portfolio. CDC’s are responsible for servicing 504 loans in their portfolio, but they will only be responsible for liquidating the loan based on its designation. Lenders … Read Full Post

CATEGORY: Banking & Financial Services Industry Blog, Florida Business Litigation Blog Practice Areas: