Loan Closing

Prairieland EDC staff and legal counsel prepare most of the necessary closing documents. The following is a list of items needed for loan closing to proceed. The necessary items vary slightly among projects, dependent upon what is being financed. The bank typically has much of this information in their possession.

Loan Closing Requirements:

  • Photocopy of First Lien Holder's documents
  • Proof of Hazard/Liability Insurance for finance collateral
  • Proof of Workers Compensation Coverage
  • Photocopy of Declaration page from Life Insurance Policy
  • Wire instructions from the bank
  • Copy of corporate, partnership, or limited liability company documents
  • List of equipment and fixtures being used for collateral
  • Abstract of Title on any property being used for collateral
  • Copy of appraisal