Legal Question in Business Law in Texas
sba loan
if someone defaults on an sba lan due to the economy and misrepresentation from the franchise and the mall what happens? what is the end result?
can a payment plan be worked out? does the sba seize the secured collateral? For unsecured collateral does the sba attempt to seize? what is the process? please help and thank you!
1 Answer from Attorneys
Re: sba loan
Based on what you have written, there are many factors to consider. Some such factors would include: terms of the sba loan, terms of the franchise agreement, terms of lease agreement with mall, etc. You might want to consider retaining a local law firm to review the above mentioned and other documents and assist you with closing everything out. If my local law firm can assist you with this legal issue or any other legal matter, please contact my legal assistant at [email protected] to arrange for an initial consultation.
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