Commercial Property

[jahnkedi]

What is the name of your state (only U.S. law)? Wisconsin

When you own commercial property and your note transfer can the new bank ask for past tax filings? The transfer occurred approximately May 2010?? The bank now wants our taxes from 2009 and 2010.

 

[Antigone*]

What is the name of your state (only U.S. law)? Wisconsin

When you own commercial property and your note transfer can the new bank ask for past tax filings? The transfer occurred approximately May 2010?? The bank now wants our taxes from 2009 and 2010.

Check your loan agreement. It should have a clause that says something to the effect "All financial and other information that has been or will be supplied to the bank is sufficiently complete." or "To all the bank and its agents to inspect the borrower's porperties, examine, audit amd make copies of books and record at any reasonable time."

There are any number of similar clauses that your lender may quote you from your loan agreement that will compel you to comply.

In fact the one the gets me the quickest response is the one that speaks to a default rate.

In fact, I'm surprise they didn't make that a pre-closing condition.