The Credit Elsewhere Test and the Physics of SBA Lending

November 25, 2015 By Walter McLaughlin Senior Vice President, Banner Bank Contributer The Credit Elsewhere Test and the Physics of SBA Lending As the holiday season approaches and In the wake of SBA’s record-breaking FY 2015, there are plenty of reasons to celebrate. 7(a) gross loan approvals totaled $23.6 billion, up nearly 23% over the…

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SBA Issues New SOP 5057 2 for SBA 7(a) Loan Servicing and Liquidation

By Bob Coleman Special Report SBA Issues New SOP 5057 2 for SBA 7(a) Loan Servicing and Liquidation Effective December 1 Prudent Liquidation – The term prudent liquidation is now defined in the definitions chapter of the SOP. This definition emphasizes that lenders must complete liquidation within either 24 months of the date of guaranty…

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Fraud Friday — CPA Pleads Guilty for Issuing Fake Audited Financial Statements

November 20, 2015 By Bob Coleman Editor, Fraud Friday CPA Marc Wieselthier issued audited financial statements for a Florida-based cosmetics firm that was relied upon by two banks for an asset-based credit line. The banks, and U.S. Attorney Preet Bharara, were shocked to learn Marc fraudulently inflated sales and accounts receivable. Borrowing base certifications were…

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