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SBA Liquidation SOP 50 51 3 chapter 18 F(1)Method of Sale
"Acquired collateral should be sold by using whichever method, e.g., broker's sale, public auction, sealed bid sale, etc., will maximize recovery on the loan in the shortest amount of time."
Auction is a chosen method of sale for real estate and equipment. SBA's SOP requires collateral be sold within twelve months. Auction exposes the collateral to the public market and it delivers a contract at a specified time complying with the SBA's requirements of sale.
SBA 7(a) Loans
SAGE can provide turn-key management of both the real estate and equipment sales for 7(a) loan program liquidations achieving market values in forty five days. Your exposure is only 10%. by using auctions you quickly and effectively sell collateral at market values allowing you to complete the purchase package for submission to start the clock for reimbursement from the SBA. We all know how long that can take so don't delay pursuing recovery of the collateral!
SBA 504 Loans
Market values are low however the low 50% LTV underwriting means 504 loan first lien holders should reach full recovery with an auction sale. There is no reason to delay taking possession of the collateral and pursuing recovery.
Chapter 11.10 Voluntary Sale of Collateral
SAGE has a Debtor and Creditor Workout program tailored to avoid foreclosure and meet the requirements of this section of SOP. Our contract is familiar to both the Fresno, CA and Little Rock, AR SBA servicing centers. This option requires the borrower request the sale of collateral. Contact Marty Rogers at 888.618.SAGE today to learn more.
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