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? Our office provides help with SBA services including funding programs, counseling, federal contracting certifications, and disaster recovery. Are SBA 7(a) Loans Assumable? Fortunately for borrowers, SBA loans, including the SBA 7(a) loan , are fully assumable with SBA approval. Beware of any contract of sale of loan assumption where you are not formally released from liability for your mortgage debt. How do I fill out the Notice of Claim form? If the transfer meets the criteria for an exemption, do not complete the Affidavit. Another option to sell a business with an SBA loan is for the buyer to assume the loan.