Wasatch Business Finance News & Updates
Part of our commitment to you is to always provide relevant news and updates regarding the SBA 504 Loan program information and the status of your current deals. We are currently processing deals, and here are a couple of bits of information we thought you'd find useful.
CURRENT SBA 504 Rates
Changes to 504 Loan Program Commercial Real Estate Pre-Closing Appraisal Procedures The CDC has received procedural information from the SBA that we thought you'd like to know about. "Under current SBA procedures, if the appraisal that the CDC must submit for approval is less than 95% of the estimated value of the commercial real estate, the debenture must be reduced, or the CDC must secure additional collateral or additional investment from the borrower and/or guarantors." The requirement has been changed from 95% to 90% of the estimated value of the commercial real estate. You can access the specifics by reviewing SOP 50 10 06 and navigating to Part 2, Section C, Chapter 1 (Page 488). There are also some revisions in procedural guidance. You can access the SOP here. If you have any questions, please call us: 385-799-6700
504 Turn Times - Keeping You in the Loop
SBA application turn times out of Sacramento are averaging 13 business days.
Utah Banks & Partners Golf Classic
We will be sponsoring a hole at the 6th Annual Utah Banks & Partners Golf Classic. If you are attending, stop by, say hello and get some unique SWAG! When: Friday, September 9, 2022 Where: Old Mill Golf Course (6080 South Wasatch Blvd.) Get Additional Details Here.
One More Thing...
Since opening the doors as Utah's newest CDC, we have been amazed by the amount of support we've received by the lending community, and you. Following our 5 Key Advantages, our commitment to communication, service and structuring your deals to get them done quickly and accurately will never fade. Thank you for your support and alliance, we are elated to be working with you!