Loan Instructions
Lender Loan Instructions
- Meet with your prospective borrower to understand the proposed project and project costs.
- Call the RDC Lender to determine whether the loan is eligible for the 504 program then schedule an appointment with the RDC Lender and your borrower to review the loan request and project details and provide the borrower with the necessary SBA forms that will need to be completed.
- Complete your credit analysis and approval of the loan request, subject to SBA 504 loan approval, and the Lender Checklist and send the information to the RDC Lender.
- The RDC Lender will now underwrite the request and present it for approval.
- Timeframe: Loan requests with a SBA debenture amount under $300,000 typically take 2 days to underwrite and 2 days for approval. Loan requests over $300,000 typically take 3-5 days to underwrite and must be approved at weekly loan committee meetings. Please allow up to eight business days from time of application for approval of these requests.
- The RDC Lender will call and inform you when your loan is approved by the RDC Loan Committee. The loan package will be sent to the SBA office in Sacramento, CA for final approval. The package can be sent only after all SBA forms are completed, signed and returned by the borrower. This final approval typically takes 7-10 business days.
- Once the final SBA approval is received, you may order appraisals, title work, environmental studies and other items. You are also able to close your construction loan or end loan at this point. Send all appraisals, title work and environmental studies to the RDC Closing Officer. These items must be approved by the SBA prior to closing the 504 portion of the loan.
