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SBA Help
Posted on 10/11/12 at 10:39 am
Posted 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?
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?
1
Posted on 10/11/12 at 11:34 am to CWilken21
They did this to my brother. The made the closing attorney hold the money until he purchased his new home. Then it was a pain in the arse to get the SBA to notify the attorney to release the funds. Unfortunately you wont be able to take your cash out until you close on the home your building.
Good news is they probably wont remember to place the lein on the property.
Good news is they probably wont remember to place the lein on the property.
Posted on 10/12/12 at 6:22 am to SippyCup
From talking to the guy at sba, it sounded like we were forced to put all of our profit towards the loan and couldn't do with it as we wished.
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