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How do I fill this out?
To fill out this form, begin by gathering all the necessary documents outlined in the requirements section. Pay close attention to special notes and conditions mentioned. Once all documents are prepared, follow the submission instructions provided at the end.
How to fill out the SBA Subordination Request Requirements?
1
Gather all necessary documents as listed.
2
Write a detailed letter explaining the request and reason for subordination.
3
Complete and sign required forms and statements.
4
Submit copies of tax returns and insurance documents.
5
Send the complete packet to the appropriate SBA Disaster Loan Servicing Center.
Who needs the SBA Subordination Request Requirements?
1
Small business owners applying for loan subordination.
2
Borrowers and guarantors needing to refinance superior liens.
3
Businesses seeking to correct loan document deficiencies.
4
Applicants requiring SBA loan assistance during foreclosures.
5
Guarantors addressing delinquencies as part of their request.
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5
Verify all information is accurate before submission.
What are the instructions for submitting this form?
Submit the completed form and required documents to the appropriate SBA Disaster Loan Servicing Center. Options for submission include email, fax, mail, or online upload. Verify receipt to ensure timely processing. Contact Birmingham DLSC via email at Birminghamdlsc@sba.gov or fax at (202) 481-0292, El Paso DLSC via email at ElPasoDLSC@sba.gov or fax at (202) 481-5105, and Santa Ana NDLRC via email at NDLRC.Packages@sba.gov or fax at (714) 569-1630.
What are the important dates for this form in 2024 and 2025?
Submissions must be completed within 30 calendar days from the request date.
What is the purpose of this form?
The purpose of this form is to facilitate the request for subordination of SBA loans. This allows borrowers to refinance superior liens or address loan document deficiencies. By following the detailed instructions, borrowers can ensure timely and accurate submission of their request.
Tell me about this form and its components and fields line-by-line.
- 1. Detailed Letter: A signed and dated letter from the borrower explaining the request and reason for subordination.
- 2. Consent to Verify Information: A completed, signed, and dated consent form to verify information.
- 3. Financial Statement: A completed, signed, and dated SBA Form 770 for all qualified borrowers and/or guarantors.
- 4. Federal Income Tax Returns: Copies of filed Federal Income Tax Returns for the last two years from all borrowers and guarantors.
- 5. Loan Application: A copy of the signed loan application including the new interest rate and loan term.
- 6. Title Report: A title report of the collateral property dated within 6 months.
- 7. Appraisal: An appraisal of the collateral property dated within 6 months.
- 8. Loan Estimate/Closing Disclosure: A copy of the Loan Estimate/Closing Disclosure reflecting the terms of the refinance.
- 9. Payoff Statement: A verified payoff statement for all prior liens.
- 10. Subordination Worksheet: A completed SBA Subordination Worksheet with closing company details.
- 11. SFHA Status Verification: Verification of the current SFHA flood zone status.
- 12. Hazard and Flood Insurance: Current hazard and flood insurance requirements as required by the SBA Loan Agreement.
- 13. Year-to-Date Financial Statements: Year-to-Date financial statements including balance sheet and profit & loss statement current within 90 days for business loans.
- 14. UCC Lien Searches: UCC Lien Searches of business assets to be subordinated dated within 6 months, if applicable.
What happens if I fail to submit this form?
Failure to submit the form can result in delays and continued foreclosure or collection efforts. It is crucial to submit the complete packet within the stipulated time.
- Delay in Processing: Incomplete packets will result in delays in processing your subordination request.
- Continued Collection Efforts: Collection efforts will continue until the necessary documentation is provided and approved.
- No Refunds: There will be no refunds of any offsets by the U.S. Department of Treasury during this period.
How do I know when to use this form?
- 1. Request Subordination: When you need to request a subordination of your SBA loan.
- 2. Refinance Superior Liens: To accommodate refinance of superior liens upon favorable fixed interest rates.
- 3. Correct Loan Document Deficiencies: When there are deficiencies or issues with your loan documents that need correction.
- 4. Address Delinquencies: To address any delinquencies as part of your subordination request.
- 5. Foreclosure Assistance: If SBA is in the process of foreclosing on your real estate used to secure the SBA loan.
Frequently Asked Question
How do I fill out the SBA Subordination Request form?
Gather all necessary documents, fill out required forms, and submit the complete packet as instructed.
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Who needs to fill out this form?
Small business owners, borrowers, and guarantors requesting subordination of SBA loans will need to fill out this form.
What documents are required for the SBA Subordination Request?
The document lists all necessary documents, including detailed letters, tax returns, and insurance information.
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What should I do if I encounter issues with my loan documents?
Address any deficiencies or defaults as part of your subordination request and include necessary documentation.
How long do I have to submit my completed packet?
Borrowers and guarantors have 30 calendar days to submit a completed packet.
Where should I send my completed form?
Completed forms can be emailed, mailed, faxed, or uploaded to the required SBA Disaster Loan Servicing Center.
