Flooring Lines of Credit Policy
This Flooring Lines of Credit Policy is for a bank, credit union, fintech company, or other type of financial institution to address flooring lines of credit loan products, underwriting, and related lending operations. In general, floor plan lending is a form of inventory financing for a dealer of consumer or commercial goods in which each loan advance is made against a specific piece of collateral. Items commonly financed through a floor plan credit facility are automobiles, trucks, recreational vehicles, boats, construction equipment, agricultural equipment, manufactured homes, snowmobiles, large home appliances, furniture, television and audio equipment, or other types of merchandise sold under a sales finance contract.
Table of Contents
- Purpose and Contents – Topic 1
- Policy Statement – Topic 2
- Definitions – Topic 3
- Risk Management – Topic 4
- Program Administration – Topic 5
- Lending Agreements and Loan Structure – Topic 6
- General Underwriting Guidelines – Topic 7
- Credit Risk Rating Assignment – Topic 8
- Audit Policy – Topic 9
- Staff Training – Topic 10
- Retention of Documentation – Topic 11
This Flooring Lines of Credit Policy (approximately 23 pages) is available to purchase from BankPolicies.com in Microsoft® Word format.
NOTE: The complete contents of this product are also included in the Commercial Loan Policy.
Product Update Protection Plan
The Product Update Protection Plan is a great way to keep your bank policy up to date! Simply add it to your cart and purchase it for one year of free updates via email.
