Financial Institutions
Commercial Bank | Asset-Based Lender | Factor | Equipment Leasing | Solar
Solutions for Finance Professionals
As a Commercial Bank, you provide loans secured by hard collateral to help businesses fund their operations or other large capital expenditures they would otherwise be unable to support. First Corporate Solutions (FCS) works diligently to design products and services that specifically address your business requirements. The FCS fleet of services empowers you to evaluate applicants quickly, monitor existing customers and close transactions with confidence and ease.
Solutions for Commercial Banks
As an Asset-based Lender, you provide loans secured by collateral (assets) like inventory, accounts receivable and other balance-sheet assets. First Corporate Solutions (FCS) is widely recognized and respected for our unique understanding of the needs of Asset-Based Lenders.
Depend on FCS’ dedicated staff of Account Managers to support your public records needs and rely on our long history of designing industry-leading products and services that specifically address your business requirements and support your growth. Look no further than our industry standard Account Monitoring, a post-filing recurring search service that provides prompt and accurate alerts on liens and other public record events of note which could adversely affect your perfected security interest.
The FCS fleet of services empowers you to evaluate applicants quickly, monitor existing customers for continued credit worthiness and close transactions with confidence and ease.
Solutions for Asset-Based Lender
As a Factor, you provide capital to businesses by purchasing their accounts receivables (invoices) at a discount. First Corporate Solutions (FCS) is widely recognized and respected for our unique understanding of the needs of Factors and has been a preferred vendor of the International Factoring Association for over 14 years.
Depend on First Corporate Solutions’ dedicated staff of Account Managers to support your public records needs and rely on our long history of designing industry-leading products and services that specifically address your business requirements and support your growth. Look no further than our industry standard Account Monitoring, a post-filing recurring search service that provides prompt and accurate alerts on liens and other public record events of note which could adversely affect your perfected security interest.
The FCS fleet of services empowers you to evaluate applicants quickly, monitor existing customers for continued credit worthiness and close transactions with confidence and ease.
As an Equipment Leasing and Financing provider, you help businesses gain access to the tools and equipment they need to spur growth and success with payment options they can manage. Rely on First Corporate Solutions to support your growth and success with our knowledgeable and experienced staff of public records specialists. Focus your energies on the other responsibilities entrusted to you while we accurately and promptly help you address your UCC and security perfection needs.
Solutions for Equipment Leasing Company
As a financing provider to the evolving solar industry you face unique challenges to perfect your security interests. From keeping up with ever changing jurisdictional requirements for UCC fixture filings, to searching for the proper legal descriptions required for these filings, the challenges can be daunting and eat up valuable internal resources. First Corporate Solutions professionals have the industry experience and specific subject matter expertise to resolve these issues. Focus your energies on the other responsibilities entrusted to you and rely on FCS to accurately and promptly help you address your UCC and security perfection needs.
Solutions For The Solar Industry
Case Study
Background
As the Operations Manager for a national Factor company, Shannon understands the need to establish and maintain her firm’s perfected security interests. Her company’s clients range from start up companies to established firms, so when it comes to nationwide UCC and corporate services, she cannot afford to lose valuable time with slow turnarounds. Nor can she afford to miss valuable filing information such as federal tax liens or UCCs in her efforts to perfect her firm’s security interests.
Challenge and Solutions
In order to keep with her firm’s high standard of reliability and thoroughness, she needed to find a UCC and corporate service provider that had qualities specific to the factor market. “In our business, we need to know everything pertaining to our client’s financial status before we fund, and we must monitor that status after we fund,” said Shannon.
Shannon started using First Corporate Solutions in November of 2003 because of their competitively priced fee structure and their comprehensive search/file/monitor services. “Before we started using First Corporate Solutions, we used different service companies to search or file, and another to monitor our debtors. Now we can utilize just one, First Corporate Solutions, to address all three. One-stop shopping is easier to manage for me.”
“Before, a couple of federal tax liens attached to our existing debtors at the county had gone unnoticed until it was almost too late,” Shannon recalled. “Now, with their Account Monitoring service program in place, we are informed of these liens in time for us to be more proactive. I don’t know of any monitoring service like it; they keep an eye on federal tax liens for us at both the state and county level.”
After using First Corporate Solutions’ national array of search and filing services for a year, Shannon knew she had found a solution she could rely upon; she knew she was receiving the accurate and timely information she needed to help establish and maintain her firm’s perfected security interest. “We have received alert notifications of federal tax liens and UCC filings, which you can imagine, have helped save our firm from heavy potential losses. Our switch to First Corporate Solutions equaled higher revenue, less time wasted, and a lot less headache.”
Results
- Shannon’s firm averted revenue losses by receiving alert notifications of federal tax liens levied against their debtors in time for them to respond proactively.
- Due to faster turn-around times on searches, Shannon’s firm was able to promptly decide whether to offer their clients the financial services they requested.
Background
Last year, Lisa received a promotion to Branch Operations Manager at the midsize bank where she works. Bank management was concerned about the cost and turn around time they were encountering to process their pre-funding searches and UCC filings. Lisa was asked to review her branch’s process for coordinating due diligence search efforts and UCC filings and implement a better solution.
Challenge and Solutions
“Our clients need to be funded as soon as possible and we were forced to pay our service provider costly rush fees in order to meet our customers’ needs,” said Lisa. She began making phone calls in an effort to find a full service provider that could deliver a quality product quickly and at a fair price. She was looking to build a relationship with a company she could count on. “I didn’t have a lot of experience with searching and filing and I was pretty intimidated, but First Corporate Solutions took the time to educate me and help me understand the process so I could make an informed decision.”
After speaking with several service providers Lisa choose First Corporate Solutions as her team’s new public records service provider. “After weighing all of my options, First Corporate Solutions was the obvious choice. Their integrated online search and filing system was a great fit for our organization. It really helped us manage our transactions and cut costs. That paired with their great service made our decision to switch an easy one.”
Lisa’s staff began using First Corporate Solutions in March of 2007. Bank management is thrilled with the cost savings, speedy turn around and excellent service they receive from First Corporate Solutions. Lisa recently proposed that all bank branches adopt First Corporate Solutions as their preferred vendor. “The change has been so positive for our branch. I’m confident our organization could benefit from a large scale switch.”
Results
- By utilizing First Corporate Solutions’ Efiling technology, the bank has dramatically reduced their cost for UCC filings
- Due to improved turn around for searches and immediate online solutions, Lisa’s bank has reduced their funding cycle by 20%, allowing them to better service their clients and remain competitive in the industry.
Resources
Identifying Synonymous Corporate Terms
Interact With Corporate Documents With Confidence When You Understand State Filing Office Terminology
An Overview of Good Standing Certificates
Use This Reference Guide to Familiarize Yourself with Good Standing Certificates
Plain v. Certified Copies of Corporate Documents
Do You Need Plain or Certified Copies of Corporate Documents? Use This Reference Guide to Help You Decide
Evolving Certification Techniques at State Filing Offices
Budget Cuts and Advancing Technology Have State Filing Offices Changing the Way They Certify Documents
Solutions for Slow Processing Times
Budget Cuts Lead to Slow Processing Times for Public Records - Try These Tricks to Secure Documents in Time for Closing
3 Tips for Choosing a Public Records Service Company
Choosing a Service Provider can be a Daunting Task - This Reference Guide Offers 3 Tips to Help You Evaluate Your Options
Basics of The Uniform Commercial Code and Article 9
The Uniform Commercial Code Guides Commercial Transactions in The United States - Read on to Learn More About The Code and Article 9, Secured Transactions
UCC Financing Statements in Three Easy Pieces
The UCC1 Financing Statement Form is Filed to Give Constructive Notice of a Secured Party's Interest - Read on to Learn About What Information is Required on The Form
Secured Party v. Filing Officer Responsibilities
The Secured Party, Not Filing Officer is Responsible for Accuracy and Completeness of a UCC Financing Statement
Top 5 Mistakes on UCC1 Financing Statements
UCC Filing Mistakes Can Jeopardize a Lender's Ability to Collect on a Bad Debt - Watch Out For These Common Mistakes on Financing Statements
Top 3 Mistakes on UCC3 Change Statements
UCC Filing Mistakes Can Jeopardize a Lender's Ability to Collect on a Bad Debt - Watch Out For These Common Mistakes on Change Statements
When to File UCC3 Continuation Statements
A Lapsed Filing Can Cost a Secured Party Their Priority Position to Collect - Follow These Steps to Guarantee Timely Filing of Continuations
Handling Accidentally Lapsed UCC Records
A Lapsed Filing Cannot be Revived, But You Do Have Options - Read on to Learn About What You Can do to Minimize Your Risk in the Event of an Accidentally Lapsed UCC
Tackling Fraudulently Filed Termination Statements
Don't Panic - You Have Options When Dealing With Fraudulently Filed Terminations
UCC Filings on Sole Proprietorships
Sole Proprietorships are Considered Individuals, Not Businesses in the Eyes of the Uniform Commercial Code
Rejected UCC Filings v. UCC's Accepted with Errors
Rejected UCC Filings are Costly and Inconvenient, but a Filing Accepted with Errors Can Be Even More Dangerous
Tips for Reducing UCC Filing Costs
Keep Your UCC Filing Costs Down by Adopting Some or All of The Best Practices Discussed in This Reference Guide
To Properly Identify Debtors, Omit dba Notation From UCC Filings
UCCs Filed with a Trade Name Attached to the Business Name May Fail to Properly Identify the Debtor under Revised Article 9
Tips for Avoiding UCC Rejections
Rejected Filings Cost Secured Parties Time and Money - Follow These Simple Steps to Avoid Rejection of Your UCC Filings
Refer to Organizing Paperwork for Legal Name of a Business Debtor
A UCC is Only Perfected if it Gets the Debtor Name Right - This Guide Provides Information on Determining the Correct Name for UCC Filings on Business Debtors
UCC Filings with Missing Attachment Pages Pose Risk for Secured Parties
Collateral Statements are Often Included as Attachment Pages for UCC Financing Statements - This Guide Discusses the Dangers of Missing Attachments
Minor Formatting Changes May Occur on E-Filed UCC Documents
E-Filed UCC Documents May Undergo Minor Formatting Changes - Read on to Learn What Kind of Changes You Can Expect
Purpose of Pre-Filing UCC Financing Statements
In the Race to be First to Collect, Some Lenders Pre-file UCC Financing Statements - This Reference Guide Provides Information
When is a Terminated UCC Record not Really Terminated?
There Are a Few Occasions Where a UCC Record with a Corresponding Termination Statement Can Still Be Effective - This Reference Guide Provides Information on this
What Party Names to Search
It is Important to Search All Names Under Which Liens Could be Filed - This Reference Guide Provides Information on Determining What Party Names to Search
What Liens to Search For
Manage and Mitigate Your Risk With a Comprehensive Due Diligence Search Package
3 Quick Tips for Effective Lien Searching
Follow These Simple Searching Tips to Improve the Quality of Your Lien Searching Efforts
3Tips for "Reading" Your UCC Search Report
UCC Search Reports Vary in Appearance and Contain Different Information Depending on the Data Source - This Reference Guide Provides Tips for Interpreting UCC Results
Why Name Variations Matter in UCC Searching
For the Greatest Peace of Mind, Look for UCC Search Solutions That Reveal Similar Names
Limitations of State Direct Online Searches
Before Using Any Online UCC and Lien Search System, be Sure to Evaluate it Carefully to Understand Its Limitations
Benefits of Searching for Tax Liens and Judgment Liens
Tax Lien and Judgment Lien Searches are a Critical Part of a Thorough Due Diligence Investigation
Alert Searcher to Expected Hits
Save Time by Letting Your Searcher Know up Front if You Expect Hits on a Lien Search
Lien Monitoring Programs: What Liens to Search For
The Sooner a Creditor Knows About a Lien, the Sooner They Can Act to Protect Their Interests - Lien Monitoring Programs Provide Early Notification of Potential Credit Risks
Benefits of a Search to Reflect
A Search to Reflect Confirms Proper Indexing of a UCC Filing and Verifies its Position Relative to Other Creditors
How Long to Wait to Order a Search to Reflect
A Search to Reflect is a Critical Final Step in Your UCC Filing Process. This Reference Guide Provides Information on How Long to Wait After Filing to Order a Reflective Search
Tips for Reducing Search Costs
Don't Cut Corners in Your Lien Searches, Incorporate These Cost Saving Strategies to Keep Due Diligence Costs Down
Search to Include Similar Names to Locate Tax Liens and Mis-Indexed Filings
Watch Out for Exact Name Lien Searches - This Guide Discusses Why it is a Good Idea to Include Name Variations in Your Lien Searches
No Need to Order a Nationwide UCC Search
The Uniform Commercial Code Establishes Guidelines for Where UCCs are to be Filed - Save Time and Money by Performing Focused UCC Searches
Broad Based Name Searching: What is it? Why is it Important?
Broad Based Name Searching Features are Powerful Tools That Help Searchers Uncover Name Variations and Locate Mis-Indexed Filings
Keeping Copy Costs Down for Your UCC and Lien Searches
High Copy Costs Can Inflate Diligence Invoices - This Guide Discusses Strategies for Keeping Copy Costs Down
Costs for Performing a UCC, Lien, Litigation or Bankruptcy Search
The Fees Associated with Due Diligence Searches Can be Confusing - This Guide Offers Information on What Fees You Can Typically Expect
Importance of County-Level Lien Monitoring
State-Level Only Monitoring Programs Only Tell Part of the Story - This Guide Discusses the Importance of Monitoring for Liens at the County-Level
UCC Searches Might Reflect Filings More Current Than the Through Date
A UCC Search Might Show UCCs Filed Beyond the Search's Through Date - This Guide Discusses Why
Maximize UCC and Lien Search Results to Minimize Risk
This Guide Discusses Maximizing Lien Search Results as a Strategy for Uncovering Hidden Lien and Locating Critical Filings Under Name Variations
Why Many Businesses Organize in Delaware
Simple Set up and Business Friendly Laws Draw Many Businesses to Delaware
Preclearance Filing Service in Delaware
State of Delaware Offers Preclearance Review of Corporate Documents to Help Guard Against Rejections
Delaware UCC Searching
With So Many Businesses Organizing in Delaware, it Has Become a High Volume UCC Search State - Read On to Learn About UCC Searching in Delaware
Delaware State Noise Words
Delaware State UCC Search Logic Drops Certain Noise Words from Search Strings
Ordering a Civil Litigation Search
Order a Civil Litigation Search to Achieve the Best Results - This Reference Guide Walks You Through the Five Pieces of Information You Will Need to Give Your Searcher
Civil Litgation Search - What Court to Search
Most Customers Search the State Court of General Jurisdiction and U.S. District Court as Part of Their Pre Funding Due Diligence
Civil Judgments v. Judgment Liens
A Civil Judgment is a Good Indicator of a Prospect's Character, but a Judgment Lien is the Piece That Can Jeopardize a Lender's Ability to Collect
- November 2nd, 2023
Delaware State Holiday Schedule 2023 - July 25th, 2023
UCC-3 for Factors: Understanding and Navigating Changes to UCC Filings - July 12th, 2023
Navigating Risk in an Economic Downturn: A Guide to UCC Due Diligence