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Old 04-08-2009, 11:06 AM
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SBA Collateral

What is the name of your state (only U.S. law)? Florida

I received an SBA loan 3 months ago for 750K and do not have a problem paying the note. What I am having a propblem with is paying the note on the Development property I own which the SBA took as collateral. If this property is foreclosed will the bank and or SBA call in my loan even if I have the ability to pay?
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Old 04-08-2009, 01:37 PM
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Location: Catatonic State
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Quote:
Originally Posted by rmlholdings View Post
What is the name of your state (only U.S. law)? Florida

I received an SBA loan 3 months ago for 750K and do not have a problem paying the note. What I am having a propblem with is paying the note on the Development property I own which the SBA took as collateral. If this property is foreclosed will the bank and or SBA call in my loan even if I have the ability to pay?
**A: yes they will. It is standard protocol to protect their collateral interest.
  #3  
Old 04-08-2009, 02:58 PM
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SBA Collateral

The collateral is not worth any more than the note against it - it is development property. You are saying my bank would rather take a 750K hit (less the SBA guaranty) rather than have me continue to make monthly payments?
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