Seamlessly Scale SBA Loan Production with Dedicated Expert Support
Windsor Advantage’s Processing and Closing department specializes in handling due diligence collection, direct engagement with the SBA, and coordination of loan closings. Our tailored services allow lenders to focus on origination, enhance SBA approval rates, and optimize the funding process for a smoother and more successful lending experience
Better Communication with Your Borrower, Better Loan Experience, More Efficient Timelines:
Accelerated Decision Making
Effective communication expedites decision-making by ensuring that all parties are promptly informed, reducing delays and facilitating a smoother loan closing process.
Enhanced Understanding and Cooperation
Clear communication fosters a shared understanding of loan requirements and expectations among all parties, encouraging cooperation throughout the loan process.
Reduced Errors and Revisions
Open lines of communication help in clarifying instructions and requirements, minimizing errors, and reducing the need for revisions, ultimately streamlining the loan process and saving valuable time and resources.
Leveraging an LSP for
SBA Loan Processing and Closing
Windsor Advantage takes pride in its exceptional approach to communication with borrowers. Our commitment to open, direct, and clear communication sets us apart from competitors.
By fostering a strong and transparent dialogue, we establish trust, understand specific borrower needs, and tailor our solutions to ensure a smoother, more successful lending experience.
Understanding the SBA’s intricate eligibility criteria and navigating the nuanced SOP can pose challenges, particularly when compared to conventional lending practices.
The Processing and Closing department offers invaluable support by aiding with eligibility determinations upon identification of an opportunity and prior to underwriting, ensuring the transaction aligns with SBA’s eligibility standards.
Gathering the requisite documentation, preparing the SBA online application, and engaging in communication with the SBA for approval can be overwhelming, and spearheads these tasks.
The Processing and Closing department spearheads these tasks. This ensures a high probability of SBA approval, and allows you to focus your efforts towards identifying new prospects without the administrative burden.
Our goal is to achieve a swift and efficient closing and funding process while safeguarding the SBA guaranty. The Processing and Closing department collaborates closely with all parties to expedite this objective, creating a pleasurable lending experience for you and your borrowers.
SBA Loan Processing and Closing: Understanding The Process
The Loan Underwriting Process at Windsor Advantage is divided into four (4) phases:
Our Processing and Closing team provides support in assessing loan eligibility prior to underwriting, optimizing the allocation of everyone’s time towards viable transactions.
Our Processers and Closers establish direct collaboration with all parties to gather the requisite due diligence for SBA loan submission, and ultimately for loan closing and funding.
We take charge of preparing and submitting your SBA loan application, overseeing direct communication and engagement with the SBA to secure swift and efficient loan approval.
We will actively coordinate the closing process, collaborating closely with you and your appointed closing attorney, to facilitate and expedite loan funding once SBA approval is obtained.
Getting Started: Next Steps
Start working with Windsor Advantage for Loan Underwriting services.
For Lenders: SBA Loan Processing and Servicing FAQs
We believe in empowering lenders with the latest knowledge and resources they need to efficiently adapt to the SBA landscape.
Have questions about a specific Underwriting issue? Use the form below to get in touch. Ask Windsor >>
The typical closing timeline is 45 to 60 days post lender approval. This closing timeline can be expedited or prolonged based on the borrower’s responsiveness and completion of the due diligence checklist.
Windsor Advantage prefers to keep lenders included in all communication with borrowers, but lenders can be as involved as they want. That said, all loan file and credit decisions must be made by the lender so lender involvement will be needed throughout the process.
The SBA does not require lenders to be represented but Windsor Advantage strongly recommends that an attorney be engaged for all transactions. SBA closing attorneys perform functions and provide services that Windsor Advantage is unable to.
Various factors impact SBA’s approval timelines such as loan amount, deal complexity, and even SBA’s existing pipeline and capacity. Changes to the SBA program since August 1, 2023, such as SBA’s new automated Compliance Checks, are also playing a role in the current turn times. On average, lenders can expect SBA approval about 2 weeks from the date the loan application is submitted to the SBA.
The SBA only allows a 5-day escrow period to facilitate loan closing. So, if loan proceeds are not ready to be spent at closing (e.g., an equipment loan where all equipment invoices are not available at closing) the lender must hold back the portion of the loan that is not ready to be spent and only disburse those funds once appropriate. Windsor’s Multi-Draw department will assist with subsequent disbursements and the loan can then be sold once fully disbursed.
Get Started with Windsor Advantage
Connect with our team to learn more about outsourced SBA Underwriting services with the nation’s leading LSP.A representative will be in touch shortly.
Additional Resources from Accel: SBA Loan Lender Service Provider
Credit Elsewhere Analysis for the SBA Loan Credit Memo: Updated 2024
By Alex Stuart, Quality Control and Project Manager, Windsor Advantage What lenders need to know about the SBA’s renewed focus on the credit elsewhere analysis, and how to write more efficient analyses for the SBA loan approval process. The credit elsewhere analysis is a required component of the SBA 7(a)
Key Elements of an SBA Credit Memo to Ensure a Smooth Loan Approval Process
UPDATED May 30, 2024 to reflect current SBA guidance. Credit memos are critical to a loan application as they help tell the story of a borrower, their business and how the loan will be used. This story is then evaluated by the bank and the SBA to determine whether the
PDF Download: Overview of SBA Loan Guaranty Programs for FY 2024
New to the SBA space? In addition to the popular 7(a) Loan Program, SBA offers a number of financing programs for SMB owners dependent on eligibility. The below chart was recently shared by SBA. This chart outlines a high level overview of the latest eligibility requirements and loan proceed amounts