[StBernard] SBA Requirement to Sell

[Westley Annis]

In response  to the question below:


yes, we've been told the same, and, I asked for the reason.  The SBA
requires the sale because they don't want to put us into the real estate
business, at terms that are better than an professional realestate developer
can procure.  The loan they make is supposedly to help us "over the hump",
not to allow us to have the cheap loan on the reloaction property, and
retain the initial property forever - - because doing so could acutally make
you "more than whole".  I have no problem with this concept, as the
intention is to try to get you as close to back to normal as possible, not
better than normal.

Charlie
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Has anyone who is dealing with SBA and a relocation loan been told that they
must sell their old property within two years to pay down their loan? 

Westley