Posted by trnsa_IL on 7/7/10 10:33pm
Msg #344088

Small Business Loan Package

How many pages are typically in a SBL package. If I remember right the last one I did, about 4 years ago, had around 300 pages. Is my memory fuzzy?

I got a call from an individual who asked me to meet with his cousin to sign a small business loan on Friday. It took me a few minutes of asking questions to find out that the SBA would not allow him to receive the docs overnight and take them to a local bank himself and sign in front of a bank employee/notary. The SBA told him the docs must be sent to a notary of his choosing and that we typically charge $35 - $50 to oversee the docs and notarize, and he (the cousin) will have to pay out of his pocket. I asked him to give my information to the lender as well as his cousin so I can get more information myself after i explained that I could assist him one of two ways; Notarize only or assist with the execution of the package which includes notarizing.

While I have had borrowers contact me after receiving their documents and ask that I assist them in executing them, I am trying to remember how many pages are in a SBL package so I can quote a reasonable fee.

By the way, this guy is on leave from the military and is suffering from jet lag which explains why his cousin was trying to help him out with the logistics of the loan completion.

Does anyone know the answer???? TIA

Reply by taxpro on 7/7/10 10:40pm
Msg #344090

I have no idea how many pages are in a SBA package, but I do provide free notary services to active military members. I mean free notary services, not free loan signing services. There is a big difference, so I'd have to know exactly what they need from me, and I explain the difference to them. Even if an actual loan signing, I'd probably give them a discount if the lender sent the package to them and said "find a notary." But I'd make them come to my office.

Reply by PAW on 7/8/10 7:25am
Msg #344122

SBA loans come in all different sizes, shapes and colors, depending on the what the loan is for and what the business is and the business needs for the loan. The last one I did was almost 1,000 pages of stuff. The meat of the loan was only about 50 or so pages, but the supporting and required documentation is what makes the biggest difference.