Fit Small Business: Get Your Business Into Shape! › Forums › Small Business Finance Forum › I have an SBA commercial loan on the building where i had my business. › Reply To: I have an SBA commercial loan on the building where i had my business.
It sounds like we need more information about the documentation and your situation to know for sure what’s happening here, and what options you have. It sounds like you’re saying you sold the business but not the property you had a loan on? Is the SBA loan through Wells Fargo, who is withholding the proceeds from the sale of the business? My assumption there would be that they took the proceeds to pay for the SBA loan, but it didn’t fully repay what was owed on the SBA loan? Under that scenario, then there aren’t any sale proceeds to get. However, if your situation is different then we’ll need more information.
Regardless, it looks like you may need to discuss this with an attorney who is familiar with the laws in your state, and who can take a look at all of the loan and sale documents.