Commonly Asked Questions
A Small Collection of Commonly Asked Questions Regarding Loan Opinion Letters in Illinois.
Who requires a loan opinion letter in Illinois?
Lenders making loans secured by commercial real estate in Illinois typically require an opinion letter issued by an attorney.
Who orders a loan opinion letter in Illinois?
The borrower or borrower’s attorney orders the opinion letter.
What is an Illinois loan opinion letter?
There are several opinions made by an attorney in an opinion letter. Typically, the opinion letter opines with respect to authority to enter into the loan documents, validity and enforceability of the loan documents, creation of a valid lien, choice of law, usury, and UCC Article 9 creation, attachment and perfection liens.
Where do I obtain a loan opinion letter in Illinois?
Typically, you will engage an attorney licensed to practice in Illinois competent to render an Illinois opinion with respect to a loan transaction.
When do you need a loan opinion letter in Illinois?
You need a loan opinion letter in Illinois when the lender requires a loan opinion letter as a condition of your loan transaction.
When is the right time to request an attorney to prepare a loan opinion letter in Illinois?
The right time to request an attorney to prepare a loan opinion letter in Illinois is when you first learn that your lender will require an attorney opinion letter.
Why do I need a loan opinion letter in Illinois?
Illinois law does not require a loan opinion letter as a condition of closing. However, it is common for a lender to require the borrower to deliver an Illinois loan opinion letter at or before closing.
How do I obtain a loan opinion letter in Illinois?
To obtain a loan opinion letter in Illinois, you need to engage an attorney licensed to practice in Illinois to prepare the opinion.
Who prepares a loan opinion letter in Illinois?
Loan opinion letters in Illinois are prepared by attorneys.
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