Smooth Sailing into Spring
Opening Escrow: Efficiently & Effectively
When opening escrow with Anderson Law & Escrow, PLLC, it is always helpful to include complete and accurate information; this step will allow the transaction to go smoothly for all parties. Attached is a document containing a checklist with information we find helpful. If this information is delivered with the signed Purchase and Sale Agreement at the time escrow is opened, then we will have accurate information in our system as the transaction progresses to the closing. This will eliminate errors and last minute changes to some or all of the closing documents.
When Money Rocks the Boat
With every transaction, money is involved. With today’s more challenging economy, I have noticed some lending and borrowing trends. Over the last year or two, the most noticeable has been the difficulty associated with obtaining a loan.
Recently the U.S. Small Business Administration came out with a 504 Loan Refinancing Program.
- The U.S. Small Business launched this program on February 17, 2011 and will continue until September 27, 2012.
- Loan applications are being accepted as of February 28, 2011.
- A borrower is allowed to finance 504 eligible refinancing costs and the lesser of:
- § Upto 90% of the current appraised property value; or
- § 100 percent of the outstanding principal.
According to Mr. Scott Harvey the Executive Vice President and SBA Manager of Fortune Bank, “the new SBA 504 refinancing program will be a lifeline for small business owners with balloon payments due during the next 22 months. Since commercial real estate values have decreased by as much as 25% during past few years, this product will provide financing, at below market rates, for business owners who may no longer qualify for conventional financing.” If you are interested in learning more about this program and learning how this could potentially help you or your clients, please visit: https://www.sba.gov/content/504-debt-refinancing-program, where the program is discussed further, or contact your banking professional.
How can we Assist?
At Anderson Law & Escrow, we would like all parties to experience a smooth sailing escrow experience. If you think the information above would be helpful for new employees, coworkers, or members of your community, please let us know, as we would be happy to offer a complimentary presentation to increase your understanding of our escrow services and the closing process in general, or if there are any other escrow related topics we can assist you with, please contact us.
Please let us know if you would like a copy of our information form, which can be filled out and returned to us.
For more information about opening escrow with us, please call or email us today!