Our team is there to assist at every step of the SBA Lending Process.
Our services include:
Eligibility Determination: Since we work directly with SBA daily, we are more aware of upcoming trends within the SBA underwriting and approval process than most if not all of the rest of the industry. A brief conversation with one of our experts will determine if a loan is eligible for SBA financing or not.
Credit Memo Consultation and Review: Once we have determined if a loan is eligible for SBA financing, we will work with the lender’s underwriting and approval staff to make sure that it is underwritten and approved by the lender in a manner consistent with SBA’s policies and procedures.
Loan Packaging: Once the loan is approved at the bank level, Lyra Lender Services takes over. We will complete all of the forms required for SBA approval handle the SBA review process for the lender regardless of the processing method. We have full processing expertise in both General Processing and Preferred Processing.
Loan Closing: Lyra Lender Services works directly with the lender's closers or outside counsel, the borrower, and SBA to ensure an SBA Compliant closing.
Secondary Market Sales: Lyra Lender Services will sell your loans on the secondary market, manage the settlement and Gain on Sale Accounting process for your institution.
Ongoing Servicing and Liquidation: Lyra Lender Services provides support as various required actions arise ranging from restructuring loan terms, release of collateral, change in ownership, adding/releasing collateral etc. In the event a loan goes into default, Lyra Lender Services will work with the lender to make sure the Guaranty Purchase process is adhered to and the Guaranty is honored by SBA. All of the above services are included in our unique model. For loans that Lyra Lender Services processes there will never be an additional charge.