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Closing Checklist

We’ve provided an easy-to-understand closing checklist to help SBA 504 borrowers understand all the paperwork and documentation they’ll likely need to close on their loan.

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Closing Checklist

You will work with your CDC and an escrow agent when it comes time to close on your SBA 504 loan. Most of the documentation necessary will be provided for you by the escrow agent, or will have been supplied by the lender or the CDC. However, understanding what documentation is necessary, and what you may be signing is important. The following list includes documents required at all closings, as well as potential additional documents that may be necessary depending on your situation.

  • SBA loan number and name

  • Borrower information

  • Debenture amount

  • SBA form 1528

  • SBA form 1505

  • SBA form 1504

  • SBA form 1506

  • SBA form 2101

  • Appendix D of 504 Authorization Boilerplate

  • Title insurance and title search documentation

  • Construction documents, such as certificate of occupancy, notice of completion, etc.

  • SBA form 148 or 148L

  • Lien Instrument of Project Property

  • Security Agreement and UCCs for Project Property

  • SBA form 2288

  • SBA form 2287

  • SBA form 2289

  • Third party lender’s note/lien instrument

  • Note that these are just examples of what will be necessary. Your CDC and lender will provide you with specifics related to your individual loan.

In this article:
  1. Closing Checklist
  2. Get Financing

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