Expense reimbursement requests allow lenders to recover costs incurred during the process of collecting amounts due under the Note, enforcing Loan Documents, or preserving and disposing of collateral for a 7(a) Loan. ​ These expenses, classified as "Recoverable Expenses," must be necessary, reasonable, and customary for the geographic area where they are incurred. ​ Examples include costs for lien searches, appraisals, environmental investigations, site visits, legal fees, and collateral care and preservation. Proper documentation, including itemized invoices and supporting documents, is essential for approval. Failure to comply with SBA's requirements or provide adequate documentation may result in denied reimbursement. ​

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LendServPro has successfully submitted and had SBA approve millions of dollars of reimbursements to our clients. Our Firm has helped lenders through:

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• Financial Recovery: Lenders can recoup approved expenses, reducing their financial burden during the loan servicing and liquidation process. ​We help track and organize ongoing expenses so we can request SBA's reimbursement of those expenses. 

• Encourages Prudent Actions: A clear liquidation plan ensures lenders are incentivized to take necessary and cost-effective actions to maximize recovery for the loan.

• Supports Compliance: By submitting detailed expense requests, we help lenders demonstrate adherence to SBA Loan Program Requirements, which is critical for maintaining their eligibility for SBA programs. ​

• Streamlined Process: Using SBA's Wrap-up Report template and submitting requests electronically, our Firm expedites the review and approval process, saving time and resources. ​

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