Lawyer Duties at Commercial Loan Closing

[frank_lazard]

My question involves personal finance in the State of: Louisiana

Hello, I manage a revolving loan fund in New Orleans. We offer collateralized loans for equipment and inventory purchases- similar to commercial loans, but we do not secure real estate. We are about to commence lending operations and are currently evaluating whether or not a lawyer should handle loan closings. The hope is that the lawyer will assist with UCC filing, but I am unaware of other benefits. Can anyone explain the benefits of a lawyer closing commercial loans? Appreciate it.

Frank

[flyingron]

Never heard of a lawyer handling equipment loans, but I'd certainly want to have one on retainer to review contracts and such. Some lawyers do have some ancillary services like trust/escrow accounts that may be helpful for you. The provider of the equipment may not wish to title/transfer it to the buyer without payment and you may not want to hand over payment without a security interest in place on the property.

[frank_lazard]

If a lawyer were to review the closing documents, disclosure, etc... Would they assume any liability or provide any guarantees?