GoDocs has a new functionality for selecting non-real estate collateral with your real estate loans.
When you select "Yes" to Add General Security Agreement and/or Security Agreement on the Loan page, you will have a Collateral page to indicate the non-real estate collateral to the loan.
All Business Assets will have its own data field: Include all Business Assets Collateral Type?
Other collateral type can be found on the Add Collateral button.
The Collateral Assignment would be like an assignment of mortgage for real estate, but for non-real estate collateral. You use this if the lender were to transfer their position as lender to another party.
You can identify the Lien Position of the non-real estate collateral and indicate who the owner of the non-real estate collateral is, if not all Borrowers.
If the non-real estate collateral is located at a non-Borrower owned location, you can Include Landlord Lien Waivers? for a document all parties could execute to outline the understanding of where the collateral is located and how it will be accessed.
