We have a loan that is in XYZ Farms. We have a formal agreement on file with the two brothers and they sign all loans. Do we need a joint intent on these Ag loans even if we already have a this formal agreement on file?
We have a formal agreement on file with the two brothers and they sign all loans. Do we need a joint intent on these Ag loans even if we already have a this formal agreement on file?
This sounds like you have an underwriting condition requiring the brothers to guarantee all loans made to XYZ Farms. In that case joint intent would not be needed for these loans.
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The opinions expressed are mine and they are not to be taken as legal advice.