Example: the completed form

Filled in for Cedar Fork Farms, a made-up borrower.

Visit details

Borrower: Cedar Fork Farms LLC (Tom and Ellen Brandt)
Loan and officer: Operating line 40-2217, officer K. Lind
Date and inspector: November 4, 9:00 to 12:30, M. Dorsey
Met with: Tom Brandt
Last inspection: November last year; open: confirm sale of the old combine

At a glance

Row-crop tractor, 2019 · Good · Machine shed
Combine, 2016 · Fair; worn feeder chain · Machine shed
16-row planter, 2018 · Good · Creek 160 yard
Old combine, 2008 · n/a · Not found; borrower says sold in March

Sign-off

M. Dorsey, November 4

Fictional example

Observations

Row-crop tractor, 2019

Item: Row-crop tractor, 2019 · Serial or VIN: SAMPLE-RT19-004417 · Hours or miles: 3,240 h · Where found: Machine shed · Condition: Good · Photo: P1, P2

Combine, 2016

Item: Combine, 2016 · Serial or VIN: SAMPLE-CB16-011280 · Hours or miles: 1,905 sep h · Where found: Machine shed · Condition: Fair; worn feeder chain · Photo: P3, P4

16-row planter, 2018

Item: 16-row planter, 2018 · Serial or VIN: SAMPLE-PL18-000932 · Hours or miles: n/a · Where found: Creek 160 yard · Condition: Good · Photo: P5

Old combine, 2008

Item: Old combine, 2008 · Serial or VIN: On file · Hours or miles: n/a · Where found: Not found; borrower says sold in March · Condition: n/a · Photo: none

Tracts inspected

Home 320 (NE¼ and SE¼, Sec. 14) and Creek 160 (FSA tract 2231)

Use matches the file

Yes

Soil and CSR2

Marshall and Sharpsburg silty clay loams; CSR2 from the survey on file

Improvements and changes

New 40 by 60 ft cattle shed on Home 320, not in the file. Bins and shop sound. Some erosion on the Creek 160 terraces.

Livestock by class

182 cows, 31 bred heifers, 6 bulls, 175 calves; yellow ear tags, brand on file

How counted

In the pen

Stored grain by bin

Bin 1: measured diameter 30 ft; observed grain depth 20 ft. Quantity estimate requested. Bin 2: empty.

Grain sold or under contract

5,000 bu contracted for January delivery

Growing crops and insurance

Harvest complete; insurance in force per borrower

Differences from the file

Old combine not found (sale not yet confirmed). New cattle shed on Home 320 not in the file. Terrace erosion on Creek 160.

Borrower’s explanation

Combine sold at a March consignment sale; will send the bill of sale. Shed built in June with cash.

Result

Minor differences

Filling in the collateral inspection form

Match the identifier. Photograph the observed serial plate or tag and the asset. For livestock, record the group and counting method; for land, use the supplied tract references.
Describe the evidence. Date and locate condition photos. Keep raw dimensions and units with any measurement; name the author and date of an outside inventory estimate.
Return the exceptions. List each missing, changed or uninspected item. Attribute the borrower’s account and name the reviewer and evidence needed next.

Assets found and items still to inspect

The asset list is the starting point for the walk. The observed plate, tag or property reference shows which item you inspected. A similar machine in the same shed cannot resolve an identifier that fails to match.

Use “not found” when you searched within the agreed scope and could not locate an item. Use “not inspected” when you could not examine it. Keep the borrower’s explanation beside the exception until the lender receives the evidence it requested. Ownership, liens and value require the lender’s separate review.

Collateral inspection form with open exceptions