Lenders need a payoff quote to formalize the wire transfer and determine the recipient and exact amount required to close the existing loan at the time of the SBA closing. The payoff quote is essential because the bank will use it to pay off and close the account of any debt they are refinancing with the SBA loan or use of proceeds.
The Payoff Quote must come directly from your current lender and include the payoff amount, expiration date, and wiring instructions. This quote is used to wire funds for debt refinancing. Once paid, the lender will close the refinanced loan account.
This document should include:
Payoff amount and expiration date
Account details and wiring instructions
Business name (not personal name)