How can we modernize our collateral tracking workflow?
I am trying to find documentation to determine if denying a loan for "collateral" is appropriate when the issue is that the property is up for sale. The result is that the loan will not meet our guidelines so is this an appropriate reason to deny the loan for "collateral." Or would the appropriate denial reason would be "Other." Can someone point me to the correct location to view documentation to better support the use of denial reason other vs collateral?
If we have a loan for $7 million with collateral being commercial properties valued at $3 million, UCCs, and assignment of publication rights, what should our Lender's Title Policy coverage be? These commercial properties are in PA & NY. We have requested a Lender's Policy for $7 million, however, the attorney is stating that he can only insure up to the "fair market value" which I've never heard in my 20 years of banking. So what is the rule on how much of a Lender's Policy can we get?
I have a business account that is purchasing a vehicle for the business and I have been asked if there is any compliance issue titling the vehicle in the business name. I cannot find any information regarding this on the michigan.gov site or in my compliance information. Are you aware of any state or national issues here?
If you have a Filing Fee (lien on title) and a UCC1 recording fee to the State, would both of these amounts be reflected in the Fed Box or just the Filing fee on the title?
What are some best practices for collateral monitoring?
I have a commercial loan with collateral as "operating interest in wells." Do we need a mortgage, UCC or both to perfect a security interest in this?
Also, is this collateral even considered real estate collateral?
What should be a financial institution's main considerations/conditions for lending to a start-up business for processing hemp? How does an institution
perfect a security interest in the raw material/and or crude? If the institution has to take possession for some reason, what would be the
recourse? Can the financial institution sell the inventory to another hemp processor?
We are trying to make a loan to a new entity and provide a short term line of credit to help fund the costs of there first contract as a company. We
are wanting to take an assignment of the contract and have their customer issue joint checks for their payouts. I have been unable to find any
document that works on our compliance software. Any ideas of how I would perfect this transaction?
If we have a customer that has their business registered with the Delaware SOS however they live in ND, do we need to produce two separate security agreements, one for each state? I noticed this changes in the governing law section of LaserPro documents.