CIT Bank Lien


LoanSafe Member
Wondering if anyone knows about CIT Small Business Lending and ReadyCap Lending.
Back in 2007/08 I had an SBA guaranteed back loan through CIT. They have a lien on my
house and I'm looking to pay it off. However the SBA shows no record of this loan. I have
reached out to ReadyCap but no luck so far with no return calls or email. Trying to see if
they own the loan has they acquired CIT in 2014.
I don't know if ReadyCap owns this loan or not and I'm trying to find who I owe so I
can get the lien removed.


LoanSafe Member
The SBA guarantee does not mean it is owned by the SBA, it means they have vouched for you and will pay off the loan to the lender in the case of default and then they will come after you for payment via lien. This benefits the lender, not you.
With the transfer to ReadyCap, CIT group is no longer involved and you should send a written legal request to ReadyCap for a pay-off quote. I'm not sure who "they" is in reference to the lien. In this case, you may also want to request a debt validation with complete payment history.
I am not an attorney, but this is advise through experience with mortgage lenders. Please keep up your payments meanwhile to protect your credit. Good luck!