SBA 504 Loan Closing Course
This three-day course course is a must for CDC staff or attorneys who are new to closing 504 loans (or who need a refresher), as well as counsel who plan to participate in SBA's Designated 504 Closing Attorney/Priority CDC program for expedited closings. It offers a complete review of the 504 closing process, from understanding the requirements of the SBA Authorization for Debenture Guaranty to submitting a complete closing package to SBA's District Office. Course content reflects changes per the new SOP.
PREREQUISITES FOR CDC STAFF: Must have completed Introduction to SBA 504 or must have at least six months' subtantive experience with 504 lending. There is no prerequisite for attorneys. Those who intend to become Designated 504 Closing Attorneys must be present through the completion of the course. Attorneys who seek CLE credit should contact their state bar association to determine the state's requirements.
NOTE: This course is now three full days, 8:30-5:00 each day. NADCO reports to SBA the names of attorneys who attended and completed the course. No certificates of completion will be awarded to those who do not attend the entire course. SBA is tracking the completion of education requirements - NADCO's 504 Loan Closing Course, plus the every-two-year refresher 504 Loan Closing Update course - by Designated 504 Closing Attorneys.
Topics covered include:
- Overview of 504 program (for attorneys)
- Types of borrowers and ownership (for CDC staff)
- Authorization for Debenture Guaranty
- Preparation of core 504 loan documents
- Review of Interim/Permanent Prior Financing
- Collateral - Liens and Documentation
- Insurance (flood, hazard and life)
- Environmental issues
- Use of Proceeds
- Debenture funding process
- Roles of CDC staff and attorneys in closing
- Practice Pointers: How to get the loan to closing
- SBA's Priority Closing Program
- CDC Attorney Opinion Letter (for attorneys)
For information on when this course will be presented, (if currently scheduled) click on the "Calendar" link on the left of the screen.
For any additional information, please contact NADCO at (703) 748-2575.