Debt Refinancing Under the 7(a) Program. Lynn G. Ozer Executive Vice President Government Guaranteed Lending

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1 Debt Refinancing Under the 7(a) Program Lynn G. Ozer Executive Vice President Government Guaranteed Lending

2 Debt Refinancing SBA-guaranteed loan proceeds may not be used to refinance debt originally used to finance a loan purpose that would have been ineligible for SBA financing at the time it was originally made. 2

3 Business Debts That May Be Refinanced Debt (short or long-term) structured with a demand note or balloon payment Debt with an interest rate that exceeds the SBA maximum interest rate for the processing method being used Credit card obligations used for business-related purposes Debt that is over-collateralized based on SBA s collateral requirements Revolving lines of credit (short-term or long-term) where the original lender is unwilling to renew the line or the applicant is restructuring its financing in order to obtain a lower interest rate or longer term 3

4 Business Debts That May Be Refinanced (cont) Debt with a maturity that was not appropriate for the purpose of the financing (e.g. a 3 year term loan to finance a piece of equipment with a useful life of 25 years) Debt used to finance a change of ownership of a business may be refinanced if the lender obtains a current business valuation that meets SBA s requirements Debt that is not identified previously but the Lender believes no longer meets the needs of the Small Business Applicant (Applications under this subparagraph may only be processed through Standard 7(a) procedures) 4

5 Lender s Analysis Why was debt incurred? Has over-obligated or imprudent borrowing necessitated a major restructuring of the debt? Is the debt being refinanced currently on reasonable terms? Will the new loan improve the financial condition of the Small Business Applicant? Does the refinancing include payments to creditors in a position to sustain a loss, for example, the applicant has an inadequate collateral position, low or deficit net worth, or the loan is default? What portion of the total loan does the refinancing constitute? 5

6 Lender s Analysis (cont) If credit card debt, business purpose must be certified If credit card debt in business name- Applicant certification sole requirement If credit card debt in personal name- Lender must obtain supporting documentation such as monthly statements itemizing the charge and receipts describing the charge for all charges over $100 on personal cards 6

7 Refinancing Same Institution Debt Allowed when all other refinancing criteria are met Lender Must: Provide a transcript of the loan showing due dates and when payments actually received Explain any late payments and late charges occurring during last 36 months Cannot refinance when there is an appearance that the lender will shift to SBA all or part of a potential loss from that same debt May not be processed via PLP unless it was a bridge loan 7

8 Bridge Loans PLP processing permitted if: Debt is an interim loan made for other than real estate construction purposes and loan approved by lender within 90 days prior to the issuance of a PLP loan number OR Debt is a construction loan that has already been disbursed If not processed PLP, after a Loan Authorization is issued, lender may make interim advances (bridge loans) to be repaid from SBA loan proceeds if reasonably compliant with Loan Authorization 8

9 Refinancing an SBA-Guaranteed Loan Contact the lender holding the existing SBA-guaranteed loan and verify that the lender has declined to approve an increase in loan amount or a second loan and the lender is either unwilling or unable to modify the current payment schedule Document the conversation in the case file 9

10 Refinancing a Same Institution SBA-Guaranteed Loan Only if it is unable to modify the terms of the existing loan because a secondary market investor will not agree to modified terms These applications may not be processed PLP 10

11 Refinancing Long-Term Debt For long-term debt, new installment amount must be at least 10% less than the existing installment amount Excludes from this requirement: Long-term debt structured with a demand note or balloon payment Credit card debt Revolving lines of credit (short or long-term) Cash flow improvement is in the aggregate 11

12 CAPLines Refinancing Proceeds from Working Capital CAPLine may be used to refinance existing short-term revolving debt so long as other refinancing conditions are met AND Short-term revolving debt must be terminated after it is paid off with the CAPLine The borrower must have a sufficient borrowing base to support the Working Capital CAPLine plus any other shortterm debt that is not being refinanced 12

13 CAPLines Refinancing (cont) Allows refinancing of same-institution, SBA-guaranteed short-term revolving debt (e.g. SBA Express) if all other requirements are met AND lender s exposure to the applicant will not be reduced If short-term revolving debt to be refinanced was not revolving in accordance with the terms of the note, debt is not eligible to be refinanced under CAPLines 13

14 Debt in Personal Name Allows 7(a) proceeds to be used to refinance debt in the personal name of owners if used for business purposes For example: HELOC or credit card Borrower must: Certify that the amount being refinanced was used exclusively for business purposes AND Provide appropriate documentation, such as a copy of the note and/or current loan statement, to demonstrate that used for business purpose 14

15 Debt in Personal Name (cont) Documenting debt used for business purposes (Example) Sole Proprietor- Provide copy of note and documentation that shows debt reflected on business balance sheet AND/OR The interest deduction is reported on the Schedule C not the Schedule A of the proprietor s tax return If interest deduction reported on the Schedule C includes multiple debts, applicant must provide copy of the appropriate IRS Form 1098 related to the debt being refinanced 15

16 Paying Off Seller SBA Debt If an outsider purchases 100% of business- paying off debt currently owed by seller to effect complete change of ownership does NOT constitute debt refinancing However, if one or more existing owners buying out ownership interest of other(s)- paying off debt currently owed by business, is considered debt refinancing If existing debt is SBA-guaranteed AND with same lender, then it is INELIGIBLE for PLP, SBA Express or pilot processing 16

17 Other Refinancing Requirements At a minimum, collateral on new loan must be the same as loan being refinanced Loan Authorization must include: Itemization of all debts of $10,000 or more being repaid Identification by loan# and dollar amount of any existing SBA debt being refinance Updated 7/30/

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