LOAN SERVICING FAQ
The TMC Servicing department has compiled a list of frequently asked questions in order to assist our clients who have current SBA loans. For more support please contact us so that we can provide further assistance.
Can I obtain another SBA 504 loan?
How are my loan payments made (does it have to be by automatic debit)?
Can I change the account my loan payments are debited from?
What is Colson Services Corporation?
What is the interest rate on my loan?
How can I update my mailing address or other contact information?
How can I find out the amount of interest paid on my loan?
Can I obtain another SBA 504 loan?
Yes, you may be eligible for another SBA 504 loan. TMC has numerous clients who have received two or more SBA 504 loans to finance new locations and expansions for their growing businesses. Please contact us to find out if you are eligible for additional SBA 504 loan financing.
When is my loan payment due?
Loan payments are due every month on the first business day. Late fees will be applied if the loan payment is received after the 15th of the month.
How are my loan payments made (does it have to be by automatic debit)?
Loan payments must be processed via an automatic debit or wire transfer. In the closing process with TMC you filled out a form and provided a voided check indicating the account from which your loan payments will be automatically debited.
Can I change the account my loan payments are debited from?
Yes, you may change the account from which your loan payments are automatically debited. A new ACH debit form is needed. Please complete this ACH form and mail it to our headquarters at 611 Front Street, San Francisco, CA 94111 along with a voided check for the new account. Both the completed ACH form and voided check must be received by our office no later than the 10th of the month in order for the new account to be used the following month for the automatic debit.
What is Colson Services Corporation?
Colson Services Corporation is the Central Servicing Agent (CSA) for all SBA 504 loans. Colson Services is responsible for processing loan payments and handling accounting for every SBA 504 loan.
Please note that Colson Services does not provide any client services. All inquiries regarding your SBA loan should be directed to TMC and will be handled by our Servicing department. Please do not attempt to contact Colson Services.
Can I prepay my SBA 504 loan?
Yes, it is possible for you to prepay your SBA 504 loan. SBA 504 loans are funded differently than conventional bank loans and therefore have unique payoff terms. Partial prepayment is not allowed. Loan assumption may be a possible alternative to loan payoff depending on your situation.
- TMC must receive written notice 15 days in advance of the payoff date
- 504 loans can only be paid off on the third Thursday of each month
- Payoff must be made via wire transfer
- Prepayment premiums may apply. Once half of the term of your loan has passed, there are no premiums, but until that point there is a declining premium applied to prepayments that adjusts at six month intervals.
Please contact TMC immediately if you are considering loan payoff or assumption.
What is my loan balance?
You can check your current loan balance at any time by referencing the Amortization Schedule we provided you with after your loan funded. To request another copy of the Amortization Schedule please use this form.
Note: The loan balance is not the same as the loan payoff amount.
What is the interest rate on my loan?
The “Effective Rate” is referenced in the Notification of Funding letter we provided you with after your loan funded. To request another copy of the Notification of Funding letter please use this form.
How can I update my mailing address or other contact information?
You can update your contact information by using this form, please include your phone/fax numbers, email address and website address.
How can I find out the amount of interest paid on my loan?
A 1098 tax statement is provided annually to the borrowing entity. You can also calculate the interest paid on your loan by using the Amortization Schedule we provided you with after your loan funded. To request another 1098 tax statement, or a copy of your Amortization Schedule, please use this form.
Why do you ask for financial statements every year?
Submitting annual financial statements and/or federal tax returns is part of your commitment to TMC for your SBA 504 loan. We will send you a request for updated financials on an annual basis and ask that you submit them no later than three months after your fiscal year end.
Why do you ask for a job count every year?
SBA requires that TMC obtain information regarding the number of jobs created and or retained for every SBA 504 loan client. We will send you a request for the current job count on an annual basis and ask that you submit the information to us promptly so that we may keep your loan file in good standing.