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
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.
From there, the underwriter will conduct a more thorough review of the loan file/request, spread the financials, and craft an SBA-compliant draft credit memorandum for Lender review.
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
SBA SOP Education: Policy Exceptions for Lease Terms
This SBA Underwriting Quick Tip comes from the Windsor Advantage SBA Newsletter, a newsletter sharing the latest from our experts in SBA SOP Education and SBA lending trends. How do lenders handle new requirements in the SOP for borrowers in leased space with lease terms that end before the term
3 Strategies for Leveraging an SBA Lender Service Provider (LSP)
This article explains the types of strategic partnerships available to lenders through Windsor Advantage’s LSP model and provides guidance for selecting the best partnership for your institution’s lending goals.
9 Lesser-Known SOP Changes
There has been ample discussion in the SBA space about the widespread changes implemented by the new SOP 50 10 7, effective August 1, 2023. Most people have heard of the “do what you do” concept, allowing for partial changes of ownership, updates to the equity injection source and verification,