[StBernard] Some advice for those with SBA

Westley Annis westley at da-parish.com
Wed Dec 21 00:33:28 EST 2005



Just relaying a bad experience so maybe this will prevent someone else
having to follow in footsteps. We were approved for SBA loan and were told
by the loan officer and the closing officer that we could not use the money
to refinance our mortgage, only to make repairs. We initially threw in the
towel since we didn't want to pay a loan and a mortgage, but then upon
re-reading the rules, it states that we can refinance; after calling loan
officer back, he said he was sorry and that he himself has been getting
conflicting reports. He gave me the number of the legal services officers
and were told that we a supposed to send them a request to refinance in
order to refinance; gee, are we stupid. If anyone else has come across this
brickwall, call them at 800-366-6303; good luck, Mudpie








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