You may, at any time, submit a servicing request to your Relationship Manager. At a minimum, WSFS requires 14 business days to review and approve these requests, so please submit them as early as possible. To expedite the review process, your initial request should provide as much information as possible. Please note: In some cases, WSFS Bank may be required to receive SBA approval for changes in your loan, which could extend the review time.

Servicing Requests include but are not limited to:

  • Release and refile of Collateral
  • Subordination of Collateral
  • Release/Add of Guarantor
  • Substitution of Collateral
  • Deferments

Be prepared to answer the following questions:

  • Is there any cash out? Is our lien position changing?
  • When is settlement scheduled for each property?
  • Does the new property require environmental and/or flood insurance?
  • How is the business doing? Operations? COVID impact?
  • Anticipated closing timeline?

Be prepared to provide the following documents, at a minimum:

  • Full financial package (Business/Personal tax return, financial statements, PFS, interim statements, etc.)
  • Addresses of all properties
  • Closing Statement/HUD/CD for property being sold
  • Closing Statement/HUD/CD for property being purchased
  • Title
  • Appraisal
  • Application for new mortgage (name of mortgage company)