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08-18-2023, 06:02 PM #1
Many truckers who get SBA loans DO need to collateralize their trucks. If that is part of the loan...
The borrower needs to notify the bank if he plans to sell a truck. Proceeds of the sale are required to pay down the SBA loan.
The borrower cannot use the truck as a trade unless the new vehicle will be owned free and clear and we can take the title (collateral swap).
Lender does not take second position liens on vehicles, therefore he can not trade the truck on a new vehicle being financed.
He will be signing the title over to lender - will listed as the lienholder.Steve Benjamin
Professional Business Loans
522 Contessa
Irvine, CA 92620
steveprobiz@gmail.com
https://probizloans.net/
Broker, Underwriter, general business loan expert
949.228.1050
@ 24 hour funding working capital loans
@ Term loans from 3 years to 10 years at 9.5% and up
@ Equipment financing up to 7 years
@ Property loans - Hard Money and traditional - Primary, Investment, commercial, land, fix and flip, construction.
@ SBA loans - 7A and 504.
@ Private money equity and debt for major investments
@ Personal Loans up to gross income from personal tax return.
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