Pool Loans eligible for Pooling.

CFR · 2024-01-01 · US · Title 13

(a) (1) Be a loan that is: (i) A Third Party Loan as defined in § 120.801(c)(3); (ii) Made by a private sector lender acceptable to SBA in its sole discretion; and (iii) Secured by a first lien on the Project Property as defined in § 120.801 of this chapter; (2) Be part of a 504 financing that is comprised of only one Third Party Loan and one CDC 504 loan; the CDC 504 loan must be funded by a Debenture that was been sold on or after February 17, 2009; (3) Be Current and have been Current for the six-month-period immediately prior to the date the Pool is formed or for the life of the Pool Loan, whichever time period is shorter; (4) Have been made and closed in a commercially reasonable manner, consistent with prudent lending standards; (5) Be part of a completed 504 financing, funded by a 504 debenture, which means that the Pool Loan must be fully disbursed and the debenture funding the related loan by a CDC must have been sold on or after February 17, 2009; and (6) Not be: (i) To a business deriving more than one-third of its gross annual revenue from legal gambling activities; (ii) To a casino, gambling establishment, or casino hotel; (iii) For financing the acquisition, construction or renovation of an aquarium, zoo, golf course, or swimming pool; or (iv) To a business covered by a six-digit North American Industry Classification System (NAICS) code for casinos—713210 (“Casinos (Except Casino Hotels)”); casino hotels—721120 (“Casino Hotels”); other gambling institutions—713

official document · source cfr-2024 · id 13:§ 120.1704