The lending industry can seem complicated at times. In today’s blog we want to shed light on some important considerations to help simplify the process. Whether you know it all, or have no knowledge at all, we are here to LEND a hand. (see what I did there?)
FIRST, before getting too involved in a new deal, be sure to leverage an inexpensive preliminary search to gain knowledge of potential adverse liens that may already be filed against your debtor. Ask us about our DIY system!
SECONDLY.. once you are ready to pursue this new deal, obtaining a copy of the organic corporate records is important in determining the legal name of a business. This applies to any and all loan transactions, but you could’ve guessed that. We can assist with this task.
THIRD! Searching ALL possible jurisdictions for potential tax liens is essential. There are no jurisdictional standards to which the federal or state taxing entities follow when recording liens. Be sure you know where to look, or use someone who does. Perhaps us?
FOURTH but not fifth… lenders need to be aware that not ALL assessment searches are created equal. There is more involved than a simple call to the local assessor’s office. There are many different levels to examine potential claims on a property, do you know them all? Good thing we do.
FIFTH and finally, Post Lien Searches or Searches to Reflect, are important to validate your filing was recorded and indexed properly. Think of it this way; you wouldn’t buy a car without taking it for a test drive first, right? A Post Lien Search is exactly that. This way you can ensure things run smoothly post closing.
Complicated as you thought? We hope not! These simple processes are just a few that come along with the lending industry. And now, after today, you should be equipped to lend your helping hand.