Posted by Carmi/CA on 2/24/08 10:37pm
Msg #236965

Commercial loan signing,

never done one before. I have one for tomorrow morning. I don't have the documents yet and so I have no clue how big or small it is. I searched here but there wasn't much info. Any help is appreciated.

Reply by JK/TX on 2/24/08 11:20pm
Msg #236972

I have only closed these loans in the title co. and on Tx property. Not yet as a notary assignment. But that being said, I just pass papers. Commercial closings are very different. The borrower knows the docs. They have already been reviewed by the borrower and their attorney..... or should have been!!

Reply by LKT/CA on 2/24/08 11:33pm
Msg #236975

What fee range do commercial loan signings command?

I'm sure the number of pages in the c.l.s docs vary but would it be equated in size to a refi w/heloc?

Though the borrower and attorney have already reviewed the docs, as you mentioned, is the attorney usually present at the signing?

Reply by LKT/CA on 2/25/08 12:10am
Msg #236982

Nevermind....found info on the subject n/m

Reply by Elaine Sedlock on 2/24/08 11:21pm
Msg #236973

When will you get the docs? Overnight or e-mail?

Reply by Elaine Sedlock on 2/24/08 11:27pm
Msg #236974

Bottom line, IMO, is you don't have to understand all the ..

docs, but just notarize and get sigs where needed. No advice to BOs, just sign and drive more or less. But it would be nice if you had time to go over the docs beforehand and understand them so you feel more confident and can give the BOs a sense of security. JMHO as I haven't ever done such a signing. GL and please let me know what you learn so I'll have some idea if/when I face the same circumstance. Hope all goes well!

Reply by Carmi/CA on 2/25/08 12:00am
Msg #236979

According to the SS, I will get it tomorrow morning.

I don't think I'll have time to go through the documents. After reading the previous posts from this forum, I am now having second thoughts. Some are saying that some are very small packages, some say they are huge, some say it took half an hour and some say it took three hours! I don't know what to expect since I'm getting different info. I guess this will be a learning experience for me. I hope it does go well. I hate going to a signing not knowing what to do or what to expect.

Reply by LKT/CA on 2/25/08 12:08am
Msg #236981

Re: According to the SS, I will get it tomorrow morning.

You will do just fine and the signing will go smoothly for you!!

Reply by JK/TX on 2/25/08 12:20am
Msg #236983

Re: According to the SS, I will get it tomorrow morning.

Don't Worry.................... Everyone I know in the title business that does commercial only (that use to do residential) tells me they will "never" go back to residential.

Don't let your fear of the unknown push you away IF you are an experienced NOTARY PUBLIC that's all you NEED to know.

You will be fine !

Reply by Elaine Sedlock on 2/25/08 12:26am
Msg #236986

Great advice from JK too! Nothing to fear! :) n/m

Reply by Carmi/CA on 2/25/08 12:51am
Msg #236988

Thanks everyone! I will keep my cool and fake it :-P n/m

Reply by Elaine Sedlock on 2/25/08 12:21am
Msg #236985

Re: According to the SS, I will get it tomorrow morning.

I agree w/LKT. Just take a deep breath, relax, and put on your "SA hat!" Whatever you do, don't panic. You're running the show and no matter what comes your way just stay calm, take your time, and don't let anything get you ruffled! Keep your BOs at ease and it'll all be just fine. Hey, at least it's during the day and you can always call someone if you have any doubts/q's. Confidence baby! Fake it till you make it! (w/in reason, of course!)

Reply by BrendaTx on 2/25/08 6:16am
Msg #236994

Carmi, some are huge and some are very small.

For instance, a commercial package could just be a modification. Or, it could be "new money" which will require lots more documents.

Reply by Charles_Ca on 2/25/08 12:43am
Msg #236987

Carmi, is it a small cap or a full commecial loan and

who is the lender? Its probably a small cap and the docs which is not particularly difficult. My primary business is brokering commercial properties and loans, if you have concerns or need some additional info after you get your docs let me know by either e-mail or PM. I've been so busy that I only have time to cruise through Not Rot occasionally lately so if you contact me directly I can be more responsive.

Reply by Carmi/CA on 2/25/08 12:53am
Msg #236989

Thanks, Charles. n/m

Reply by Cari on 2/25/08 6:52am
Msg #236998

packages not too bad

I charged the same I would a closing XXX and maybe it was 50-60 pages?? Its really not too complicated, BO should be more aware than the norm BO, know what to expect. Hope this helps.

Good Luck.

Reply by nsa/fl on 2/25/08 6:50am
Msg #236997

In most of the commercial closings I've done here in Florida, the people sign in their capacity as officer's of the corp. or business. They can also be required to sign accepting individual responsibility for the loan. Example: "Jane Doe as President" etc. Just look at the signature line and make sure that they sign the way their name is printed under the signature line. You will also notarize just about everything in the package, including the note. Many of my commercial packages are much smaller than residential loans, just more notarizing required and when it's finished there is no recission so you get paid sooner.

Reply by DebbieT on 2/25/08 7:16am
Msg #237001

Re: Yep, very small packages in my experience. n/m

Reply by PAW on 2/25/08 7:20am
Msg #237002

Small, medium and large. Depends on loan & property

I've had very small (15 pages) commercial deals as well as extremely large (over 400 pages) deals. It is very dependent on the type of loan (lender specific) and the type of property. Also, throw in whether or not the preliminary paperwork, which could be substantial, was completed and signed by the owner, seller, borrower, buyer.