Loan Servicing Requests

Current customers who have a funded SBA 504 loan with WBD have the ability to request changes under the SBA 504 Loan Program.  Here are some of the change requests that  can be made to the Servicing Department: 

Monthly Loan Payment Account Change

Collateral Actions

• Release collateral, both project and non-project.
• Subordination of SBA collateral for refinance, or due to growth and expansion.
• Substitution/exchange of collateral caused by sale of business etc. 

Guarantor Actions
Release or substitution of Guarantors resulting from retirement, sale of business or assumption. 

Insurance
The borrower must maintain appropriate insurance coverage (life and hazard) as specified in the SBA Authorization for Debenture Guaranty. WBD must be notified of any changes in coverage.

Loan Assumptions
If the business is sold, qualified buyers can assume the loan, often with full release of original borrowers and guarantors. A request to assume an existing SBA 504 loan will be reviewed for eligibility and credit worthiness. There is a required 1% assumption fee plus reimbursement for legal fees and other out-of-pocket fees.

For more details on loan assumptions, please contact John Macke, Senior VP & Portfolio Manager at (608) 316-7127. 

Loan Payment Deferments
Principal and Interest for up to 6 months may be deferred (if repaid within 5 years).
 
Loan Pre-Payments
For specifics contact our Loan Servicing Department at (608) 819-0390.