Run Commercial Loan File Review Checklist — Free

File Identification and Review Scope

Loan file identifies borrower, guarantor(s), and loan number critical (required)

Confirm the file is clearly labeled and traceable to the correct transaction.

Yes No N/A

Review type and review date are documented

Record whether this is a pre-approval, pre-closing, post-closing, or periodic file review.

Loan purpose and product type are documented consistently across the file critical (required)

Verify the stated purpose matches the credit memo, application, and approval documents.

Yes No N/A

Required file checklist or index is present

Confirm the file includes a checklist, index, or equivalent control document.

Yes No N/A

Credit Memo and Approval Authority

Credit memo is present in the file critical (required)

A complete credit memo should support the underwriting decision.

Yes No N/A

Credit memo includes borrower analysis, repayment source, and risk assessment critical (required)

Verify the memo addresses cash flow, leverage, guarantor support, and key risks.

Yes No N/A

Approval authority matches the approved amount and policy limits critical (required)

Confirm the signer or committee had authority for the exposure and any exceptions.

Yes No N/A

Approval date and conditions are documented

Check that approval timing and any stipulations are clearly recorded.

Yes No N/A

Policy exceptions or covenant exceptions are identified and approved critical (required)

Any exception should be clearly described, justified, and approved per policy.

Yes No N/A

Borrower Financial Statements and Tax Documentation

Current financial statements are present for the borrower critical (required)

Include the most recent available balance sheet, income statement, and cash flow statement when applicable.

Yes No N/A

Current financial statements are present for guarantors, if required

Verify guarantor financials are included when required by policy or underwriting.

Yes No N/A

Financial statements are signed, dated, and within policy recency requirements critical (required)

Confirm the statements are current and properly executed.

Yes No N/A

Tax returns or tax transcripts are present when required

Check for business and/or personal tax documentation as required by underwriting.

Yes No N/A

Borrower financial analysis supports repayment capacity

Assess whether the financial package supports the proposed debt service.

Collateral Documentation and Perfection

Collateral description matches the loan structure and approval terms critical (required)

Verify pledged collateral is consistent across the note, security agreement, and approval.

Yes No N/A

UCC search or title evidence is present, as applicable critical (required)

Confirm lien search results or title evidence are included for the collateral type.

Yes No N/A

Collateral valuation or appraisal is present and current critical (required)

Verify valuation support is present and within required timing standards.

Yes No N/A

Insurance evidence is present and meets lender requirements critical (required)

Check for hazard, liability, flood, or other required coverage and lender loss payee language.

Yes No N/A

Perfection or filing status is documented for all required collateral

Confirm filing, recording, or control steps are documented and complete.

Yes No N/A

Closing Conditions, Covenants, and Ongoing Monitoring

All closing conditions required before funding are satisfied or tracked critical (required)

Verify any outstanding conditions are clearly documented with responsible owners and due dates.

Yes No N/A

Covenants, reporting requirements, and ticklers are documented

Confirm the file includes covenant monitoring and recurring reporting requirements.

Yes No N/A

Material deviations, waivers, or post-approval changes are documented and approved critical (required)

Any change to structure, collateral, pricing, or terms should be supported by approval evidence.

Yes No N/A

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Run: Commercial Loan File Review Checklist

File Identification and Review Scope

Credit Memo and Approval Authority

Borrower Financial Statements and Tax Documentation

Collateral Documentation and Perfection

Closing Conditions, Covenants, and Ongoing Monitoring

Get your results