SBA Help(Posted by CWilken21 on 10/11/12 at 10:39 am)
Anyone have any experience with SBA? I'm having serious issues with them.
We got the loan after Katrina. At 2.5 percent I couldn't pass it up. We used most of the money to buy a lot to build our house on. Well we have sold our house and jumped through all of the hoops they wanted us to jump through to make sure they are covered.
We owe them $30k and made a profit of $50k on our sale. The funds are currently being held in escrow until the house is finished and they can become the 2nd lean behind the bank. And I totally understand their position on making sure they are covered. They are now saying all of the funds must be put towards the construction loan and we can't use any of it even though $20k is our profit.
Anyone care to shed some light or give me some ammo to get my damn money?