|Become | 504 Closing Attorney|
504 Closing Attorneys | Defined
Each SBA 504 Loan that is approved must be closed with the assistance of an attorney who provides the mandatory opinion of CDC counsel. Any licensed attorney can close an SBA 504 Loan. The SBA, however, in an effort to speed up the review of 504 loan closings, instituted the expedited closing procedure for closing attorneys to build expertise, receive training and become prequalified to submit loans to their SBA District Counsel. The attorneys who complete the procedure are approved as "SBA 504 Designated Attorneys."
SBA outlines the requirements for attorneys interested in becoming "Designated Attorneys" in SOP 50-10(5)(H).
Click here to review the requirements (beginning on page 60).
NADCO presents the SBA-approved training courses that are required for Designated Attorneys. Regardless of whether an attorney wishes to become a Designated Attorney or not, the training is helpful for all attorneys and their staff, as well as CDC personnel handling SBA 504 loan closings.
504 Loan Closing Course
The two-day 504 Loan Closing course must be attended in its entirety by anyone wishing to become an SBA 504 Designated Attorney.
NADCO always offers a full series of training classes in conjunction with our Annual Meeting. Please visit our Events/Calendar to view upcoming training opportunities.
504 Loan Closing Update CourseThe online 504 Loan Closing Update course must be taken by Designated Attorneys every two calendar years to ensure that the attorney remains current on legislative or regulatory changes to the 504 Loan closing process.
At the conclusion of each of the courses, NADCO forwards a list of participants to the SBA to update their records.
ApplicationNADCO Affiliate Attorney Membership is open to all attorneys who are interested or involved in the 504 Loan Program. As members of NADCO, Affiliate Attorneys benefit from being listed on the NADCO website and receive discounts on training courses.
As a valued NADCO member, we make sure our members receive industry-specific information as soon as we get it. And we don’t just forward SBA regulations and legislation. We provide in-depth analysis of all issues along with explanations of what program changes mean to the industry.
Added Benefits of Affiliate Membership Include:
Members find a wealth of information on our website including sample forms used for SBA 504 loans, detailed information on technical issues, and legislative updates on the SBA 504 program.
NADCO’s programs, products and activities are supported by CDCs and other organizations that pay annual dues.
If you are interested in becoming a member, please complete and submit the Affiliate Membership application. Annual dues for Affiliate members is $300. Our fiscal year runs from October 1 - September 30 each year.
Download the application form.
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If you would like more information about the benefits of becoming an Affiliate Member of NADCO, please contact us.
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