A commercial loan audit will be initiated and executed upon any inquiry for a commercial loan. The sort of documents that may be requested by the lender in order to scrutinize the viability of both the business and the businesses owners will run the gamut. One fundamental requirement that almost all lenders look for immediately are the company’s legal papers, its identifying documents: tax IDs, license numbers, photocopies of the documents that have issued these numbers, etc. A lender may ask a borrower for the company’s business plans. Depending on the level and situation of the audit, if the business is about a commercial property, and leasing is done to generate revenues for the property, it’s possible tenant agreements will be requested. And also depending on the level and situation of the audit, tenants may actually be requested to interview with the lender, especially if the loan is of the size and scale that would require the lender to insure the deal.
