Glossary

Organizational Documents

In one sentence

The entity papers that prove who the borrower is and who can bind it: formation certificates, operating or partnership agreements, resolutions, and incumbency certificates.

The longer version

For a single-purpose borrower the set usually includes the certificate of formation, the operating agreement with any special-purpose provisions the lender required, resolutions authorizing the loan, an incumbency certificate identifying signers, and good standing certificates from the formation and property states.

These documents come from the borrower's side and are scattered across sponsors, counsel, and registered agents, which makes collecting current versions one of the most common early-closing chases.

In Prodeal

The borrower's team uploads directly against the request list, so the current versions collect in one place with a timestamped record of who provided what.

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