504 Loan Closing Course: 2024 Update

This is a Partner Course. Lawline has teamed up with this faculty member to produce this premium CLE content. As such, this course is not included in subscription access and must be purchased separately.

In partnership with Janice E. Garlitz*, this program:

• Is accredited for Continuing Legal Education (CLE) credit in the states listed on this page

• Is approved by the U.S. Small Business Administration (SBA) for Designated Attorneys 

• Contains course materials that are SBA-approved

The U.S. Small Business Administration (SBA) requires Designated Attorneys approved by SBA to close SBA 504 Loans to attend an SBA-approved Closing Update Course every 2 years. This course will fulfill that requirement for 2024. The program also is very useful for CDC (SBA-certified development company) Closing Staff and Non-Designated Attorneys who want the latest information on 504 Loan closings. The course covers all changes affecting 504 Loan closings since 2022 as well as advanced topics and tips for handling such closings.

Topics for 2024 include: 

• SOP 50 10 7.1

• ALP Express

• Top Errors Found in Complete File Reviews

• Changes in eligible and ineligible Borrowers

• Maximum 504 Loan Amount

• Terms and Conditions

• Submitting signed Terms and Conditions/Authorization to SLPC

• 327 actions through 504 E-Tran

• Guarantees

• EPC and OC Requirements 

• Subordination and Nondisturbance

• Confirming Ownership

• Ongoing SBA Guarantee Fee

• Evidence of Use of Proceeds

• Construction Escrow

• Intercreditor Agreements

• Third-Party Lender Participation Fee

• Changes to Debt Refinancing 

• Impact of Recorded Covenants and Restrictions

• Title Insurance Exceptions and Use Restrictions

• Title Policies and Arbitration

• Indemnification

• Judgments or Lawsuits

• Condominium Liens

• Leasing to Illegal Business

• Post-Funding Occupancy

• Leased Premises and Landlord's Subordination

• Life Insurance Updates

• Flood Insurance Changes

• Hazard Insurance Updates

• Other Insurances

• Changes to Environmental Requirements

• IRS Tax Transcript Updates

• Appraisal Updates

• Seismic Certification

• Construction and Zoning Requirements

• No Adverse Change Determinations

• Change of Ownership Prior to Closing

• Compensation Agreements (SBA Form 159)

• SBA Franchise Policy and CDC Counsel Reviewing Franchise Documents

• Current SBA Forms

• Designated Attorneys

• Debenture Funding and Closing Package Submission Schedule

• SLPC Request to Grant Access

• Closing Packages

• COVID-19 Changes

• EIDL Subordinations

• Closing 504 Loan Assumptions

Learning Objectives:

1. The purpose of the 504 Loan Closing Update Course is to update attorneys and CDC closing staff on recent changes to the 504 Loan Program and statutory, regulatory, and legal developments that affect loan closings

Registrants: Please note that faculty, Jan Garlitz, will send any materials not attached to this course when notified of registrations.

Please note that there will be a 10-minute break from 11:30 a.m. to 11:40 a.m. EDT.

This course and all 504 and 7(a) Loan Closing courses were produced with a partner and are not included in any of our unlimited CLE subscriptions.