Sba Loan Assumption Process In Broward

• Category: Small Business - Loans and Lending
• State: Multi-State
• County: Broward
• Control #: US-00193
• Format: Word; Rich Text

Description

The Assumption Agreement outlines the process for the SBA loan assumption in Broward, detailing how a Borrower may transfer their loan obligations to a new party, known as the Assumptor. This agreement serves as an official request to the Small Business Administration (SBA) for consent to the assumption of an existing SBA loan. Key features include the identification of original loan details, the acknowledgment of ongoing obligations by the Borrower, and the conditions under which the Assumptor agrees to assume these responsibilities. Filling and editing instructions emphasize ensuring accuracy in the documentation of all relevant loan amounts, dates, and parties involved, as well as the requirement for notarization. This form is particularly useful for attorneys, partners, owners, associates, paralegals, and legal assistants who handle real estate or business transactions, as it facilitates the transfer of financial responsibility while ensuring compliance with SBA regulations. Key use cases may involve facilitating property sales, restructuring business debts, or managing partnership transitions, providing a reliable pathway for assuming loan obligations. The form also allows for modifications of loan terms with SBA consent, emphasizing the ongoing liabilities inherent to the Borrower even after assumption.