For your convenience, we’ve put together a comprehensive FAQ on loan closing to help answer your questions and guide you through the process.<\/p>\n\t\t\t\t\t\u00bfCon qui\u00e9n debo comunicarme sobre el estado del pr\u00e9stamo? <\/a>\n\t\t\t\t\t\t\t\t\t\t\tExpandir<\/i><\/a>\n\t\t\t\t\t If you’re unsure of your TMC Closing contact, call 888-989-8855<\/strong> to connect with your loan team.<\/p>\n\t\t\t\t\tWhen do I sign my SBA loan documents?<\/a>\n\t\t\t\t\t\t\t\t\t\t\tExpandir<\/i><\/a>\n\t\t\t\t\t SBA loan documents are signed at Escrow, typically with the Lender’s documents. For projects that include construction costs, documents are signed after the construction is complete.<\/p>\n\t\t\t\t\tAre there closing costs for my SBA loan?<\/a>\n\t\t\t\t\t\t\t\t\t\t\tExpandir<\/i><\/a>\n\t\t\t\t\t Yes, there are. While SBA processing fees are included in the debenture, you’re responsible for escrow and title fees.<\/p>\n Debenture<\/strong>: A debenture is a type of bond issued by a Certified Development Company (CDC) to finance an SBA 504 loan. It represents the portion of the loan funded through the SBA program.<\/em><\/p>\n\t\t\t\t\t\u00bfCu\u00e1les son los requisitos para financiar mi pr\u00e9stamo de la SBA?<\/a>\n\t\t\t\t\t\t\t\t\t\t\tExpandir<\/i><\/a>\n\t\t\t\t\t Funding requirements are outlined in the SBA Terms & Conditions<\/u><\/strong> document. All documents are reviewed by a CDC Closing Attorney before funding. Need a copy? Contact your Closing Officer.<\/p>\n SBA Terms & Conditions<\/strong>: This document is a written agreement between the SBA, CDC and the Borrower providing the terms and conditions under which SBA will guarantee a debenture. This includes insurance requirements, occupancy standards, funding conditions, and other closing and post-closing obligations.<\/em><\/p>\n\t\t\t\t\tWhat are the SBA occupancy requirements?<\/a>\n\t\t\t\t\t\t\t\t\t\t\tExpandir<\/i><\/a>\n\t\t\t\t\t SBA requires proof that your business is occupying and operating from the location. This can \u00a0include a business permit, license, or a third-party site visit.<\/p>\n\t\t\t\t\tWhat are the SBA insurance requirements?<\/a>\n\t\t\t\t\t\t\t\t\t\t\tExpandir<\/i><\/a>\n\t\t\t\t\t Refer to Section E of your Terms & Conditions for specific requirements, which may include:<\/p>\n <\/p>\n Real Estate Hazard Insurance:<\/strong> This insurance protects the financed property against damages caused by hazards such as fire, storms, or vandalism. It must meet SBA requirements and list the lender and CDC as additional insured parties.<\/em><\/p>\n Personal Property Hazard Insurance:<\/strong> Insurance coverage for business assets such as machinery, equipment, or furniture. It must meet SBA requirements and list the lender and CDC as additional insured parties.<\/em><\/p>\n Seguro de vida:<\/strong> Life Insurance if often required on sole owners of the business. The policy should name the lender and\/or CDC as the beneficiary.<\/em><\/p>\n Flood Insurance:<\/strong> If the financed property is located in a designated flood zone, flood insurance is required to protect against damages caused by flooding.<\/em><\/p>\n\t\t\t\t\tWhat is my interest rate?<\/a>\n\t\t\t\t\t\t\t\t\t\t\tExpandir<\/i><\/a>\n\t\t\t\t\t Your rate is based on the market rate of the debenture when your loan funds (once a month). The rate is fixed for the loan term. After funding, the Servicing Department will provide your rate, monthly payment, and Amortization Schedule.<\/p>\n Contact The TMC Servicing Department at servicinginfo@tmcfinancing.com<\/a><\/p>\n <\/p>\n\t\t\t\t\tWhen is my payment due?<\/a>\n\t\t\t\t\t\t\t\t\t\t\tExpandir<\/i><\/a>\n\t\t\t\t\t Payments are due on the 1st of the month<\/strong> following loan funding. Payments must be made via automatic debit from your preferred bank account.<\/p>\n\t\t\t\t\tWhat can delay closing?<\/a>\n\t\t\t\t\t\t\t\t\t\t\tExpandir<\/i><\/a>\n\t\t\t\t\t Review the construction provisions in your SBA Terms & Conditions. Key points:<\/p>\n Your lender tracks project progress. TMC will periodically check in with the lender for updates. Notify both parties of any cost changes.<\/p>","protected":false},"excerpt":{"rendered":" Loan Closing FAQs For your convenience, we’ve put together a comprehensive FAQ on loan closing to help answer your questions and guide you through the process. Who should I contact…<\/p>","protected":false},"author":3,"featured_media":0,"parent":0,"menu_order":5,"comment_status":"closed","ping_status":"closed","template":"","meta":{"_acf_changed":false,"content-type":"","inline_featured_image":false,"footnotes":""},"class_list":["post-760","page","type-page","status-publish","hentry"],"acf":[],"yoast_head":"\n\n
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\n\t\tPreguntas frecuentes para Construcci\u00f3n<\/u> Projects\n\t<\/h1>\n\t\t\t\t\tWhat documents are required to close my SBA construction loan?<\/a>\n\t\t\t\t\t\t\t\t\t\t\tExpandir<\/i><\/a>\n\t\t\t\t\t
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