We’ve been covering questions about deferrals in several recent articles. And our clients continue seeing a rise in Borrowers’ requests for payment assistance.
So we’re here today to remind you that, while deferrals are one option, they’re not the only option – and they’re not always the best option.
In SOP 50 57 3, SBA says, “Whenever feasible, Lenders must make a good faith effort to negotiate a workout on an SBA Loan that is seriously delinquent or in liquidation.”
We agree – but why wait for seriously delinquent or liquidation?