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 Attorney Spotlight |
Janet M. Dery, Esq. | | |
Janet's areas of practice include lending, banking, real estate, contracts, commercial and corporate law. She has a strong background in contract and corporate law which she regularly applies to her commercial lending practice.
Janet acts as a closing attorney for several commercial lenders located throughout the United States. As a closing attorney, Janet reviews SBA guaranteed and conventional loan files, confers with loan processors and in-house counsel, drafts, analyzes and negotiates loan documents, and advises on due diligence documentation.
In her corporate law practice, Janet advises on corporate governance and assists clients in all aspects of corporate transactional law, including the formation/incorporation of businesses and drafting, reviewing and negotiating various documents for business entities, which documents include interest-holder agreements, resolutions, corporate minutes, purchase agreements, and leases.
Janet is a graduate of both the State University College of New York at Oneonta, where she received a Bachelor of Arts degree, and of Widener University School of Law, Wilmington, Delaware, where she received a Juris Doctor degree. Janet is admitted to practice before both the Supreme Courts of Pennsylvania and New Jersey. She is also a member of the American Bar Association and the Pennsylvania Bar Association. In 2007, 2008 and 2010, Ms. Dery was honored by being named a Pennsylvania "Rising Star" by Philadelphia Magazine.
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 | The 50 10 5(C): Comming Attractions
By Ethan W. Smith, Esq. | |
Ethan W. Smith, Esq. |
Revision C to the 50 10 5 is scheduled to go into effect on October 1, 2010. Recently, at the SBA Mid-America Lender's Conference in New Orleans, Jim Hammersley offered some glimpses as to what changes are in store in the coming revision. Some of the highlights from revision C are:
§ A change in the definition of "Passive Income" to allow businesses that utilize independent contractors to be eligible for SBA financing;
§ A change allowing lenders to finance their own OREO transactions provided lenders comply with specific restrictions;
§ A change moving the definition of equity injection documentation from the 50 51 to the 50 10 and further clarifying the Agency's equity injection requirements;
§ A clarification providing that a lender's financing for a business acquisition may not exceed the amount of the business valuation;
§ A provision making the Alternate Size Standard permanent for 7a loans;
§ A new provision permitting SWAP transactions; and
§ A provision allowing lenders to reduce the initial interest rate between the approval date and the date of first disbursement.
The actual changes have not been released yet by the Agency, so the actual text and extent of the revisions remain to be seen. These changes are fewer than half of the substantive changes expected in revision C - 16 in all are expected when revision C is released in early September. Revision C is expected to be released by the end of this week. Upon release, the SBA, NAGGL, Starfield & Smith and others will provide updates to the SBA lending community regarding the specifics of the upcoming changes.
For more information on revision C to the SOP 50 10 5, or other SBA eligibility issues, contact Ethan at 215-542-7070, or esmith@starfieldsmith.com.
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| Did you know... |
...that Starfield and Smith provides loan documentation and closing services for SBA 7(a) loans to its lender clients nationwide? Call 215-542-7070 for more information, or visit our website at www.starfieldsmith.com.
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| Upcoming Seminars and Events |
Fundamentals of SBA Lending: Documenting, Closing and Funding the SBA Loan
Dates: September 9th, 2010
Time: 1:00 pm EST - 2:30 pm EST
Location: Webinar
SBA lending affords banks and other lending institutions with the opportunity to finance commercial loans to small businesses and, at the same time, secure a loan guarantee from the federal government. While the program can be quite profitable, it's not without its risks. Compliance with SBA regulations is mandatory to ensure success and profitability. With changes occurring to the program over the last year, it is critical to understand the new regulations and the way to make the SBA loan programs work for you.
Register online here.
Or call 1-866-352-9539
When registering, use priority code 15800 and discount code F2716129.
SBA Guaranty Purchase Workshop
Dates: September 14th, 2010
Time: 11:00 pm EST - 5:00 pm EST
Location: Herndon, VA
This workshop is structured so you will learn what SBA lenders must be doing in 2010 and beyond to maximize the successful process of their guaranty purchase packages. You will learn tips on how to submit a solid SBA guaranty repurchase package and how Lender's can sharpen their SBA guaranty purchase skills.
You can find an agenda for this workshop here. Register by mail or fax using this form.
Fundamentals of SBA Lending: Documenting, Closing and Funding the SBA Loan
Dates: September 21st, 2010
Time: 1:00 pm EST - 2:30 pm EST
Location: Webinar
SBA lending affords banks and other lending institutions with the opportunity to finance commercial loans to small businesses and, at the same time, secure a loan guarantee from the federal government. While the program can be quite profitable, it's not without its risks. Compliance with SBA regulations is mandatory to ensure success and profitability. With changes occurring to the program over the last year, it is critical to understand the new regulations and the way to make the SBA loan programs work for you.
Register online here.
Or call 1-866-352-9539
When registering, use priority code 15800 and discount code F2716129.
Dates: September 22nd, 2010
Location: St. Louis, MO
On September 22, 2010, at the NAGGL SBA 7(a) Lender Training in St. Louis, Missouri, David Starfield will present the "Advanced SBA Loan Documentation and Closing" course. This session is designed to help lenders ensure that the documents they assemble comply with the SOPs, the loan authorization and sound lending practices. Topics will include key loan closing issues; tax, lien and judgment searches; third parties; loan modification issues; franchise agreements and affiliation issues; and more.
Register online here.
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 Starfield & Smith, P.C.Pennsylvania Office
501 Office Center Drive, Suite 350 | Ft. Washington, PA 19034
phone: (215) 542-7070 | fax: (215) 542-0723
Minnesota Office
1516 West Lake Street, Suite 303 | Minneapolis, MN 55408
Loan Documentation | Closing | SBA Guaranty Repurchase
Regulatory Compliance | Franchise Eligibility
Business Consulting
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© 2009-2010 Starfield & Smith, P.C. All Rights Reserved | |
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