Let’s face it: there’s never enough time. And there are so many SBA requirements to remember. You’re behind before you even start!
Just one, for instance: the guaranty purchase package. You’re stressed because a loan has gone bad. You’ve done the initial work to either maximize recovery, deal with a bankruptcy, negotiate a workout, or you have an offer in compromise.
And now you have to ask:
Have you tallied the allowable reimbursable expenses?
Did you exhaust all liquidation avenues for recovery?
Have you charged off your loan internally?
Once that’s done, you still have to get your SBA guaranty. Which means preparing and compiling your:
Guaranty purchase tabs,
Care and preservation (CPC) tabs, and
Charge off tabs.
Are you dizzy yet? Or maybe hiding under your desk in exhaustion?
How can you find the time when you also have new loans to originate, existing loans to service, and (ugh) other loans just going into liquidation?
We face this situation all the time with our clients, and we have – of course! – a few tips to help you avoid being overwhelmed.
To start with, always chunk things down into smaller pieces.
A project never belongs on your to-do list. Break the big, seemingly-insurmountable project down into the smallest possible tasks.
For instance, work on just one tab at a time, especially with the purchase package (since it has so much detail).
And when things truly seem overwhelming, consider the use of a third-party Lender Service Provider to put those packages together. This saves you time, stress, and allows you to deal with the regular business as usual.
Ready to give that a try? Let’s talk. Here’s the link to schedule a consultation. We look forward to hearing from you and taking some of that weight off your shoulders!