Sba Loan Assumption Process In California

Category:

Small Business - Loans and Lending

State:

Multi-State

Control #:

US-00193

Format:

Instant download

Description

The Assumption Agreement is a form used in California’s SBA loan assumption process, which enables a new borrower, referred to as the Assumptor, to take over the obligations of an existing loan originally held by a Borrower. This document outlines the conditions under which the Assumptor assumes responsibility for the debt, ensuring that the Small Business Administration (SBA) consents to the assumption. Key features of the form include the identification of all parties involved, the original loan details, and a clause stating that the original Borrower remains liable even after the assumption. Filling out the form involves entering specific data like names, loan amounts, and dates. Additionally, both the Borrower and Assumptor must sign the document in front of a notary public to validate it. This form is particularly useful for attorneys, partners, owners, associates, paralegals, and legal assistants who assist clients in navigating the loan assumption process, ensuring compliance with all SBA requirements and protecting the interests of all parties involved.

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FAQ

Subordinating a lien is a process where the initial financial entity (SBA or your bank) agrees to rank its lien position behind an incoming lien on the assets of the company (i.e. accounts and accounts receivable of your company).

An assumption agreement, sometimes called an assignment and assumption agreement, is a legal document that allows one party to transfer rights and/or obligations to another party. It allows one party to "assume" the rights and responsibilities of the other party.

How to fill out SBA form 413 Provide basic business information. Report your assets. Report your liabilities. List your source of income and contingent liabilities to complete section 1. Detail your notes payable to banks and others in section 2. Detail the status of your stocks and bonds for section 3.