"FCS online system really helped us manage our transactions and cut costs. I get what I need at my fingertips, accurately and easily. And when I need to contact someone there’s always an actual person who responds."
Natalie M., Credit Manager, National Bank, Chicago, IL
In phase two of the due diligence cycle, a lender has decided to advance funds. The lender will file a UCC Financing Statement to perfect their interest in the collateral and secure a priority position to collect should the debtor default. It is critical that UCCs get filed correctly since inaccurate or incomplete filings can open the door for secondary parties to claim a priority position.
When preparing and filing UCC Financing Statements…READ MORE
In the pre-funding phase, lenders perform public records searches to uncover any existing liens or outstanding financial obligations that bind their prospect. Searching helps lenders determine if they could obtain a priority position to collect if they decide to fund the deal. Companies who require additional intelligence and insight in corporate due diligence may wish to hire investigators to assist with the process.
Focusing on the…READ MORE
[caption id="attachment_807" align="alignright" width="280" caption="Sneak Preview of First Corporate Solutions' New Website & Free Educational Resources"][/caption]
First Corporate Solutions is excited to announce that we are launching a brand new website on Monday, March 14, 2011. Visit us at www.ficoso.com to see the sleek new look and expanded resources.
The new site includes:
Reference library with 40+ FREE educational…READ MORE
It is important to remember that public records research isn’t just a one-time task when evaluating an applicant; rather it should be an ongoing effort to keep an eye on accounts and maintain priority. With today’s blog post, we begin a brand new series that explores three phases during the life of a loan in which a secured party may be required to interact with public records data. Here is a preview of what you can expect from us in…READ MORE