You can check your current loan balance at any time by referencing the Amortization Schedule we provided you with after your loan funded. Your amortization schedule is a breakdown of your monthly loan payment for the life of your loan. This is provided to you in lieu of monthly statements. However, you can request your current loan balance or new Amortization Schedule by contacting our Servicing Department.

The “Effective Rate” is referenced in the Notification of Funding email we send you after your loan funded. To request another copy of the Notification of Funding email, please contact our Servicing Department.

Each year, during the first half of February, GTCC mails out a copy of the Annual Statement to every borrower. The Annual Statement outlines the year-end information, including the loan balance as of 12/31/YEAR, the yearly interest paid, and yearly fees paid. If you didn’t receive a copy or need to request another copy, please contact our Servicing Department.

IRS form 1098 is issued only to individual borrowers; they are not issued to Corporations, LLCs, Enterprises, Trust or Associations. These forms are mailed directly from Wells Fargo, the Central Servicing Agent for SBA, at the beginning of February. If you didn’t receive a copy or need to request another copy, please contact our Servicing Department.

You can update your contact information by contacting our Servicing Department. Please include your phone/fax numbers, email address and postal address.

Borrowers who have trouble meeting their debt obligations for their SBA 504 loan should contact our Servicing Department as well as their First Lien Lender as early as possible to discuss the situation and options that may be available to assist them. In our experience we have found that keeping communication channels open yields the best results for the borrower as well as the lenders.

SBA does not allow borrowers to refinance an SBA 504 loan with another 504 loan. However the First Mortgage can be refinanced so please call our Servicing Department to discuss the Approval Process to refinancing your First Mortgage and gaining the proper Subordination Approval.

Yes, SBA is willing to subordinate not only to a new lender but also to new debt in a first lien position, given the new debt meets certain criteria. If you would like more information about subordination to a new first lien lender or subordination to additional funds, please contact our Servicing Department.

Yes, SBA will want to acknowledge what is termed as a Junior Lien, in other words a loan that will be behind SBA in lien position. Contact our Servicing Department and they can let you know what documentation SBA will request for Acknowledgement.

Yes, SBA 504 loans are assumable, subject to credit approval. There is a 1% assumption fee, and the original guarantors cannot be immediately released. For more information contact our Servicing Department.

Any changes to the Entity Structure of your loan or changes to the name of your company(s) can have an effect on SBA’s lien position. Prior to changes being made, you will need to seek approval from the SBA. Some changes are simple but others can be quite complex requiring new entities to assume the responsibility of the note so please contact our Servicing Department for further assistance.

Selling your business has direct consequences to your loan. Since every sale is different, please contact our Servicing Department. We will talk with you about your situation and help you figure out what needs to be done. Any changes in ownership whether it is a partial, full, outright sale etc., must be approved by the SBA in advance.

Release of Liens on land or equipment are subject to approval by SBA and require certain criteria to be fulfilled. For more information please contact our Servicing Department.

Changes to Guarantors on a loan can include Release, Substitution, Addition or Death of a Guarantor. SBA has very specific criteria for each and when applicable, requires prior approval so please contact our Servicing Department for further information.

When a borrower does not pay their first lien lender as agreed in their loan note, the lender has the right to sell the property without the borrower’s consent through a foreclosure process. If the property is sold at a foreclosure sale for a value less than what the borrower owes on the property, the borrower will remain liable for all outstanding loan balances owed to junior lien holders. When a property is foreclosed on the borrower typically no longer has rights to the property (depending upon the type of foreclosure action filed). In addition all guarantors remain liable for any outstanding balance as well. GTCC strongly recommends that borrowers work with their lenders to avoid this situation as it has long term credit implications that will impact their ability to conduct business for many years.

GTCC has found over and over again that the earlier a borrower, obligor or guarantor informs us of their challenges – the better the options available for resolution. Lenders and borrowers enter into debt obligations in good faith and the extension of credit is based on the promise by borrowers to repay. It is important borrowers act in good faith when negotiating solutions with your lenders as this allows the lenders to review all repayment options at borrower’s disposal. Keep in mind lenders have the same objectives a borrowers does – to resolve the matter in a respectful and expeditious manner to the satisfaction of all parties.