|Foster Consulting is a full-service consulting firm, based in Boston MA with a national reach, representing asset-based lenders and their clients. Our principle work consists of due diligence audits for new business accounts (surveys or investigations) and ongoing collateral audits (examinations), along with fraud investigations and workout management.
Foster Consulting represents the most cost-effective ABL audit services with abundant experience. All of our examiners have over 15 years banking experience and at least five years of direct ABL auditing experience. The personnel also have direct experience in commercial lending, workout, risk review and loan portfolio analysis from the top New England banks.
Foster Consulting was formed June, 1993, initially to provide financing assistance to borrowers. Due to our experience, we routinely received requests from banks for due dilligence audits, prompting the conversion to this principle endeavor. Since inception, the company has performed hundreds of ABL examinations representing over $3 billion in financing commitments. Major Customers have included all major New England Banks; BankBoston, Citizens Bank, Fleet Bank and Sovereign Bank. We have also perfomed syndicated exam participations with other national lenders such as Nationsbank, BankAmerica and CIT, and numerous finance company audits.
Our audits have resulted in the detection of several fraudulent lending schemes that resulted in several million in loan losses, but our discoveries saved the lenders from further exposure.
The Foster team has performed hundreds of commercial audits for new and existing loans, both here and around the country. The team is expertly attuned to the need for quick turnaround while providing a thorough and impartial examination of collateral asset quality, documentation, cash flows, internal controls, repayment analysis, along with company valuations when appropriate. We can utilize the bank's own workpapers for consistency. Foster provides verifications of receivables, and in an optional program, can verify the authenticity of tax information and tax payment status. Click here for more information.
Our team can respond to short and long term assignments to assist in the disposal of collateral, or development of a liquidation plan. We can also assist as the lender's agent in monitoring wind-down operations of debtors including marshaling inventory, gathering records and collecting cash.
Our affiliate Federal Tax Profiles provides lenders with taxpayer authorized tax data, via the Internal Revenue Service, to minimize loan fraud at inception, and as an early warning system through payroll tax monitoring. This computerized delivery system automates the gathering of financial records and reduces difficulties in obtaining financial data during customer difficulties.
Management Information Systems/Data Warehousing
Foster's computer consulting affiliate, Mobile Software, Inc., has experience in providing computerized financial management tools, data warehousing and custom software programs to major corporations including State Street Bank, Liberty Mutual, Fidelity Investments, Scudder Stevens & Clark and others. The group has provided consultation and programming regarding executive decision-making models, credit and customer databases. The Foster Consulting team can also assist in the development of automated electronic audit workpapers and computerized spreadsheet and financial statement analysis systems, computerized portfolio risk assessment and virtual (paperless) credit file systems.