For Small Business Administration ("SBA") lenders, loan servicing and liquidation after a borrower defaults can feel like trying to complete an obstacle course.
The SBA has numerous rules and requirements that are traps, not only for unwary lenders but for even the most diligent. A lender must clear every obstruction or barrier the SBA erects, or they will not make it to the finish line — meaning the SBA may lower or deny the SBA guaranty.
That's where we can help. Our Creditors' Rights Practice Group has the expertise and experience to navigate the SBA obstacle course with you, help you avoid the pitfalls and clear the hurdles, and work with you to remedy problems before it is too late. And with offices across North Carolina, we are almost always close to your borrower and your collateral.
Outside of court, we can assist you with loan modifications, loan sales, deferments, workouts, settlements, and offers in compromise.
We also can foreclose real property collateral for you in state court. We have handled judicial or non-judicial foreclosures in all 100 counties in North Carolina.
If your matter requires litigation, we can assist you in preparing a Litigation Plan that the SBA will approve. We routinely litigate collection and personal property collateral liquidation actions in state or federal court across the state. If your borrower files bankruptcy, our practice group – led by two board-certified bankruptcy specialists – can defend your interests in bankruptcy court.
Whatever your matter, we work with you to pursue the best method to maximize your recovery and minimize your expenses, all in compliance with SBA guidelines to put you in the best position to recover on your SBA guaranty.