Identify the status of liquidation and litigation activities.Attach a copy of the site visit report.Identify the remaining obligors and/or guarantors who are legally liable for the remining balance of the SBA loan, including any supporting documentation.Identify remaining collateral, and justification for abandoning the collateral.Include a detailed narrative identifying the collateral that was liquidated, including the date of liquidation, expenses, and net amount of recovery applied to the loan, including any supporting documentation.Include the SBA loan number, borrower’s name, principal loan balance, lender/CDC’s name, and contact information.SOP 50 55.ħ(a) lenders should use the “ SBA Charge Off Tabs/Wrap-Up Report” template, whereas 504 authorized CDCs should use the “ 503/504 Liquidation Wrap Up Report” template.
On the other hand, for each 504 loan in liquidation status, authorized CDCs must prepare and submit a wrap-up report to the appropriate SBA Loan Center within 90 calendar days after Prudent Liquidation is complete, or upon request from the SBA, whichever comes first. When Prudent Liquidation is complete, it’s time for the lender or authorized CDC liquidator to submit a wrap-up report to the SBA and have the loan charged-off.įor each 7(a) loan in liquidation status, lenders must prepare and submit a wrap-up report to the appropriate SBA Loan Center within 30 calendar days after Prudent Liquidation is complete, or upon request from the SBA, whichever comes first. When a SBA loan is in liquidation status, lenders and authorized CDC liquidators are required to perform “Prudent Liquidation.” This means that lenders and authorized CDC liquidators must liquidate and conduct debt collection litigation in a “prompt, cost-effective and commercially reasonable manner, consistent with prudent lending standards, and in accordance with loan program requirements.” 13 C.F.R. Real Estate Development, Sales & Leasing.Community Advocacy & Social Responsibility.Search Website Submit SearchSearch Close Search
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