Certified Closing Counsel - SBA 504 Loans
Closing a 504 Loan under the regulations and S.O.P.'s of the U.S. Small Business Administration Lending Program is a highly specialized area. To close a loan, your CDC will need a detailed, legally prescribed opinion from at least one lawyer. You should be sure that the lawyer has attended the full closings course offered by NADCO (the National Association of Development Companies) or another qualified trainers as well as the mandatory closing update course offered every two years. You also want to be sure the lawyer you choose carries the mandatory malpractice insurance, which I carry.
If you have an out of state entity involved in your loan, you will also need the assistance of a lawyer from that state. Mr. Houts can assist with that process. If you are in a state other than California, Mr. Houts can provide the limited opinion you will need for any California entities involved in your transaction.
Randolph C. Houts has been preparing opinions on and closing 504 loans since 1994. He's been with the SBA Lending Program through many of its early changes as the role of the CDC Closing Counsel has been defined and expanded and a veteran of numerous closings for La Habra Local Development Co., Inc., Landmark Certified Development Corporation, Enterprise Funding Group, San Diego CDC, and Business Finance Capital, fka Los Angeles County Small Business Development Corporation, and Coastal Business Finance.
Mr. Houts can assist with documentation and security interest creation and perfection, corporate record keeping issues, as well as helping you close your loans efficiently, based on the latest information available from the SBA's District Offices. Mr. Houts can be called upon for discussion of issues related to liquidation, given his significant experience enforcing loans and debts and his understanding of Bankruptcy Laws.