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  #1  
Old 10-27-2009, 04:48 PM
chinoy99 chinoy99 is offline
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Default Commercial Loan documentation

I would like to know what sort of commercial loan documentation is used here in Canada. For eg, if a person takes a loan from a bank he or she is required to sign loan documentation forms like personal guarantee, borrowing resolutions and disclosure statements, promissory notes etc, etc;

Would anyone here know of the list of such documents which are used in the commercial loan documentation process?
Thanks.
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  #2  
Old 10-27-2009, 05:34 PM
trent trent is offline
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Quote:
Originally Posted by chinoy99 View Post
I would like to know what sort of commercial loan documentation is used here in Canada. For eg, if a person takes a loan from a bank he or she is required to sign loan documentation forms like personal guarantee, borrowing resolutions and disclosure statements, promissory notes etc, etc;

Would anyone here know of the list of such documents which are used in the commercial loan documentation process?
Thanks.
I guess that would depend on the type of commercial loan. For example Real Estate (Commercial Mortgages, Construction/Rehab), Working Capital (Term Loans, Lines of Credit, and Letters of Credit), etc.
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Old 10-27-2009, 06:52 PM
chinoy99 chinoy99 is offline
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Thanks Trent. You are correct. Every type of loan has a different loan documentation such as documentary credit or collections (import/export), term finance, cash finance etc. Thanks for your help.
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  #4  
Old 10-31-2009, 06:10 PM
Canadadebtleads.ca Canadadebtleads.ca is offline
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Donald Trump said in one of his books, always avoid giving a personal guarantee at all cost. Hard to avoid in this day and age but still try to avoid personal guarantees.
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Old 11-03-2009, 03:47 PM
Canadian Canadian is offline
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Donald Trump said in one of his books, always avoid giving a personal guarantee at all cost. Hard to avoid in this day and age but still try to avoid personal guarantees.
Yes, but most of the personal debt is guaranteed on a personal level, like mortgages (the house is collateral), car loans (car is collateral), etc.
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Old 11-05-2009, 07:10 PM
trent trent is offline
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Yes, but most of the personal debt is guaranteed on a personal level, like mortgages (the house is collateral), car loans (car is collateral), etc.
Of course it is, as the majority of the personal debt is mortgages.
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