This program can be taken individually or as Chapter 13 of the 504 Loan Closing Course. This course is designed for attorneys and paralegals, CDC managers and staff, and bankers and bank counsel engaged in closing SBA 504 Loans or interested in learning more about integrating the closing process with loan eligibility and packaging and loan servicing.
This Case Study session focuses on a loan for a mixed use Project (real estate and personal property) involving ground-up construction, an Eligible Passive Company/Operating Company structure that is changing, and other challenges when closing 504 Loans. The case study is designed to:
Teach students how to translate the Authorization into closing requirements and using a Closing Checklist
Identify amendments needed to the Authorization
Provide further instruction on completing closing forms: Note, Servicing Agent Agreement, Debenture, Guarantees, 504 Debenture Closing Checklist, CDC Certification, Borrower and Operating Company Certification, Interim Lender Certification, Third Party Lender Agreement, Guarantees, Standby Creditor's Agreement, Opinion of CDC Counsel
Challenge students with problems frequently encountered in closings and discussing solutions with:
Borrower and Guarantor Organizational Documents
Interim and Third Party Loan Documents
Title Work (Title Insurance Commitment and Exceptions) and Survey
UCC Lien Searches
Eligible Passive Company/Operating Company Lease
Project Costs and Use of Proceeds
This course and all 504 Loan Closing courses were produced with a partner and are not included in any of our unlimited CLE subscriptions.
This course is pre-approved for CLE credit in the following states. If your state is not listed, contact support for more information on how to receive credit
Janice E. Garlitz is a Designated Attorney with 19 years of experience creating, updating and teaching the 504 Loan Closing and 504 Loan Closing Update Courses. She serves as Closing Counsel for multiple CDCs and has 27 years of experience closing 504 and 7(a) SBA loans as well as 24 years of experience teaching adult legal education courses.