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.
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
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.