Summit, MS · Member since 2014 · 63 posts · 40 votes
I am in My 2 stages of the EIDL loan. They are talking about Collateral in the loan Docs. But do not have a list. Are they putting a lean against all of my Properties? If so I’ll tuff this out with out there money.
Applied and received loan in name of LLC, but the loan documents only take a security interest in personal property, meaning items like accounts receivable, furniture, equipment etc that the LLC owns, not real estate. They did not require a mortgage or a deed of trust.
Just saw this post. I have received my SBA EIDL and then loan docs do not include a deed of trust, only a security agreement against personal property. I have read that many on BiggerPockets has concerns about the loan documents. I did not have any concerns. I am extremely pleased with the loan I received. Also money was in my account 72 hours after signing documents.
Hi @Ward Conville - did you apply via an LLC or in your personal capacity. I am curious whether collateral includes the property belonging to the LLC ( ie the real estate property) and whether it is junior to the mortgage already in place.
Applied and received loan in name of LLC, but the loan documents only take a security interest in personal property, meaning items like accounts receivable, furniture, equipment etc that the LLC owns, not real estate. They did not require a mortgage or a deed of trust.