What is my loan balance?

You can request your current loan balance from anyone in our Servicing Department. Please call 801.474.3232 and ask to speak with someone in Servicing.

How much interest did I pay last year?

Each year, during the first half of February, Mountain West mails out a copy of the IRS form 1098 to every borrower. The 1098 outlines the year-end information, including the loan balance as of 12/31, the yearly interest paid, and yearly fees paid. If you didn’t receive a copy of the 1098, or need to request another copy, please call 801.474.3232 and ask to speak with someone in Servicing.

How do I get a copy of the IRS form 1098 for my loan?

Each year, during the first half of February, Mountain West mails out a copy of the IRS form 1098 to every borrower. The 1098 outlines the year-end information, including the loan balance as of 12/31, the yearly interest paid, and yearly fees paid. If you didn’t receive a copy of the 1098, or need to request another copy, please call 801.474.3232 and ask to speak with someone in Servicing.

Do I need to submit business financial statements each year?

Yes. As part of the Loan Agreement, borrowers need to submit financial statements (tax returns are preferred) each year. Financials should be from the Operating Company, not the real estate holding company. Please submit your financials via email to tthorup@mwsbf.com, or by mail to 2595 East 3300 South, SLC, UT 84109, to the attention of Tracey Thorup. For any questions please call 801.474.3232 and ask to speak with Tracey.

Our business had a fire/flood/other disaster. Who do I contact about that or anything else regarding insurance on my building or equipment?

Please contact Tracey Thorup in our Servicing Department at 801.412.3783 or tthorup@mwsbf.com.

 

 

How do I get a payoff quote?

If you want to payoff your loan and need a prepayment estimate, then contact Marcie Nelson immediately at 801.412.3768 or mnelson@mwsbf.com. SBA 504 loans have a specific process and set of deadlines that need to be followed for any prepayment.

How do I request a Subordination or Assumption?

The Servicing Department of Mountain West handles requests for Subordinations and Assumptions. Review the list below, and contact the Servicing Specialist listed as the contact for the action you wish to take:

-No cash-out Subordination:  Marcie Nelson  801.412.3768  mnelson@mwsbf.com

-Cash-out Subordination:  Hollie Boss  801.412.3791  hboss@mwsbf.com

-Assumption:  Jennifer Schmitz  801.699.5696  jschmitz@mwsbf.com

Does my loan payment cover the property taxes for my property?

No. SBA 504 loan payments only cover the principal, interest, and fees of the loan. If you have any follow up questions about property taxes, please contact Julie Orr at 801.412.3777 or jorr@mwsbf.com.

Can I refinance my SBA 504 loan?

If you plan on refinancing your SBA loan, then contact Marcie at Mountain West immediately. Although the SBA does not allow borrowers to refinance an SBA 504 loan with another 504 loan, you can go through a third party lender (bank or credit union) for the new financing. Mountain West will subordinate to a new third party lender. However, be mindful that there may be a prepayment penalty. Be sure to contact Mountain West early in the process of refinancing for a payoff quote. You can reach Marcie at 801.412.3768 or mnelson@mwsbf.com.

Can I refinance my first mortgage loan?

The two loans involved with the SBA 504 project are now totally separate, and you do not need our approval to refinance the first mortgage. However, the new lender will probably make their financing contingent upon receiving a Subordination from Mountain West. If you plan on refinancing the first mortgage, please contact one of the following Servicing Specialists, depending on whether there is an increase in loan amount:

-No increase (no cash-out):  Marcie Nelson  801.412.3768  mnelson@mwsbf.com

-Increase in loan amount:  Hollie Boss  801.412.3791  hboss@mwsbf.com

How do I set up automatic withdrawals (ACH) for my loan payments?

To set up automatic withdrawals for making your loan payments, contact Julie Orr at jorr@mwsbf.com or 801.412.3777. Automatic withdrawals will come out of the designated account on the first business day of the month.

Can I make the loan payment with a check?

No. The only methods of payment that SBA will accept are automatic withdrawals (ACH) or wire transfers. If you need help making a payment please call 801.474.3232 and ask to speak with someone in Servicing.

What should I do if I sell my business?

Selling your business has direct consequences to your loan. Since every sale is different, please call 801.474.3232 and ask for the Servicing Department. We will talk with you about your situation and help you figure out what needs to be done. If someone is assuming your loan, then please contact Jennifer Schmitz at 801.699.5696 or jschmitz@mwsbf.com.

Can an SBA 504 loan be assumed?

Yes, SBA 504 loans are assumable, subject to credit approval. There is a 1% assumption fee, and the original guarantors cannot be immediately released. For more information please contact Jennifer Schmitz at 801.699.5696 or jschmitz@mwsbf.com.

Will the SBA subordinate if the first mortgage portion of the 504 loan is refinanced?

Yes, the SBA is willing to subordinate to new debt in a first lien position, given the new debt meets certain criteria. If you would like more information about a subordination, please call one of the following Servicing Specialists, depending on whether there is an increase in loan amount:

-No increase (no cash-out):  Marcie Nelson  801.412.3768  mnelson@mwsbf.com

-Increase in loan amount:  Hollie Boss  801.412.3791  hboss@mwsbf.com

Can I get a copy of the amortization schedule of my loan?

Yes. If you need a copy of your amortization schedule, or any other loan document, call 801.474.3232 and ask to speak with someone in Servicing.

What if I’m having trouble making my payments?

If your business has been struggling and you need to discuss it with us, please contact Jennifer Schmitz at 801.699.5696 or jschmitz@mwsbf.com.