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Message
re: SBA EIDL Anyone Recieve It?
Posted on 6/6/20 at 11:30 am to AUtigR24
Posted on 6/6/20 at 11:30 am to AUtigR24
Hey guys, any help would be appreciated! I’ve asked my loan officer and she said she wasn’t able to answer my questions. I applied and got approved for $150k. I am waiting to sign closing docs but had a few questions.
1. What is the collateral that is being mentioned in closing documents?
2. Are there any pre-payment penalties? Or can we pay this loan back faster than 30 years?
3. Once documents are signed, when can we expect funds and will funds come in a lump sum deposit for the total amount of loan, or does loan come in increments?
1. What is the collateral that is being mentioned in closing documents?
2. Are there any pre-payment penalties? Or can we pay this loan back faster than 30 years?
3. Once documents are signed, when can we expect funds and will funds come in a lump sum deposit for the total amount of loan, or does loan come in increments?
2
Posted on 6/6/20 at 11:59 am to lsufan522
Just my take/experience:
1) Any amount over $25K requires extra rules and regulations
2) No pre-payment penalty
3) A one time lump sum deposit
1) Any amount over $25K requires extra rules and regulations
2) No pre-payment penalty
3) A one time lump sum deposit
Posted on 6/6/20 at 12:06 pm to lsufan522
Collateral is equal to any assets the company has, but does not include a personal guarantee
No prepayment penalty
Funds are usually available next business day from loan document signing
No prepayment penalty
Funds are usually available next business day from loan document signing
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