Assumption of Loan Requirement Letter for disaster loan servicing action request packages. About this document and download.What Is Required to Assume an SBA 504 Loan? A normal transaction would typically take 21 - 30 days from ratification to close. This took more than 2 months. Are SBA 7(a) Loans Assumable? Fortunately for borrowers, SBA loans, including the SBA 7(a) loan , are fully assumable with SBA approval. Another option to sell a business with an SBA loan is for the buyer to assume the loan. SBA loans are fully assumable with SBA approval. Get the money you need to claim the vehicle you want.