refinancing: Refinancing with an SBA second mortgage...
- 11/22/11 02:51 AM
In the Gulf Coast region, many of our properties have U.S. Small Business Administration disaster loans on them, usually in second or third place. First Title Real Estate, LLC closed many of these loans. In 2007 & 2008, SBA would allow you to refinance your first mortgage, subordinating theirs with little restrictive requirements. It has since changed. SBA requires their form 770 to be filed out, a sort of mini financial statement. In addition, some of their requirements can include: A letter of explanation of the reason(s) the subordination is being requested A copy of the loan application An appraisal of the subject … (0 comments)
In the Gulf Coast region, many of our properties have U.S. Small Business Administration disaster loans on them, usually in second or third place. First Title Real Estate, LLC closed many of these loans. In 2007 & 2008, SBA would allow you to refinance your first mortgage, subordinating theirs with little restrictive requirements. It has since changed. SBA requires their form 770 to be filed out, a sort of mini financial statement. In addition, some of their requirements can include:
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