Construction Finance & Banking

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Perspectives - February 2016

I Just Received Drafts of Construction Loan Documents from My Lender, Now What? I have heard the following statement many, many times over the course of my career: “Do I really need to hire an attorney to close a simple...more

Do Treble Damages Mean Treble Rescission?

North Carolina law awards treble damages for violations of N.C. Gen. Stat. § 75-1.1 “if damages are assessed.” A recent Fourth Circuit decision asks this question: If a plaintiff seeks rescission, and if the defendant’s...more

Stop Notices and Mechanic's Liens: Construction Lenders' Nightmares

Historically low interest rates have led to the substantial growth in real estate lending, especially construction lending. Unfortunately, the lead article in the Business Section of the January 28, 2016, issue of the Los...more

Application Deadline for the CITF Grant and Loan Program – February 26, 2016

The deadline to submit applications for Community Infrastructure and Tourism Fund (CITF) grants and loans is February 26, 2016. There is an estimated $6,600,000 available in grants and loans for approved applicants. The...more

CFPB Construction Loan "Fact Sheet" Falls Far Short of Necessary Guidance

The Consumer Financial Protection Bureau (CFPB) has issued a "fact sheet" regarding the disclosure of construction-to-permanent loans under the TILA/RESPA Integrated Disclosure (TRID) rule, which the CFPB refers to as the...more

CFPB Releases TRID Resource for Construction Loans

Recently, the CFPB released a fact sheet that provides a basic outline for applying Know Before You Owe mortgage disclosures to constructions loans. Specifically, the fact sheet notes that (i) most construction loans are...more

"Renewable Energy Project Warehouse Facilities Are on the Rise"

An important development in the financing of solar, wind and other renewable energy projects in 2015 was the use of a flexible investment and financing vehicle referred to as a “warehouse.” Akin to traditional warehouse...more

CFPB Releases Guidance on Construction Loan Disclosures

On January 12, the CFPB released a Construction Loans Fact Sheet reviewing the basics of construction loan disclosures under the TILA/RESPA Integrated Disclosure (“TRID”) Rule. This resource briefly summarizes the TRID...more

West Coast Real Estate Update: Jan. 2016 #2

California Senate Proposes $2 Billion on Housing for Homeless - California state senators put forth a proposal on Jan. 4, 2016, to spend $2 billion to build or rehabilitate permanent housing for homeless people,...more

Amendment to Illinois Mechanics Lien Act Authorizes Bonding Over of Mechanics Liens Claims

As of January 1, 2016, an amendment to the Illinois Mechanics Lien Act, 770 ILCS. 60/38.1, allows parties with an interest in real estate to substitute an eligible surety bond for a claim for mechanics lien as security for...more

One belt one road - China's new outbound trade initiative

China’s 'One belt one road' initiative was first introduced by President Xi Jinping during his visits to Central and Southeast Asia in September and October 2013. With the dawn of 2016, it is appropriate time to take stock...more

Dubai Embraces PPP … Again

THE BACKGROUND - PPPs in the UAE or the wider GCC are not new. They have historically been undertaken under project-specific legislation or approvals. Mubadala Development Company initiated PPPs in the UAE with UAE...more

CFPB construction loan “fact sheet” falls far short of necessary guidance

The CFPB has issued what it calls a “fact sheet” regarding the disclosure of construction-to-permanent loans under the TILA/RESPA Integrated Disclosure (TRID) rule, which the CFPB refers to as the Know Before You Owe rule....more

Guarantors’ “Lost Profits” Completely Offset Lender’s Deficiency Claim

Believe it or not, lenders can breach loan agreements too…and when they do, there can be significant consequences. In Great Western Bank v. LJC Dev., LLC, 726 Ariz. Adv. Rep. 21 (Ariz. Ct. App. Nov. 10, 2015), the Court of...more

Russia: Economic Sanctions on Turkey

On 29 December 2015, the Russian Government adopted Resolutions No. 1457 and No. 1458 specifying the scope of sanctions and restrictions which were imposed by the President Decree No. 583 and further extended by Decree No....more

EB-5 Immigrant Visa program extension signed into law — without any changes. EB-5 financing continues for new development...

Hotel lawyer with great news for developers: the EB-5 immigrant visa financing program has been renewed — approved by Congress and signed by the President. It is being continued without change through September 30, 2016....more

Congress Extends EB-5 Again Without Changes Despite Months of Legislative Meetings, Lobbying, Proposals, and Negotiations

In what is considered a significant victory for real estate developers, Congress capped off months of handwringing and numerous proposals by extending the EB-5 Immigrant Investor Program without amendment until September 30,...more

A School Facilities Bond For 2016: Good News For Everyone

Over the last 15 years, California’s population has grown by approximately 5 million people—the same number filling the entire state of Colorado. This influx has created a housing shortage that the California market has...more

Top Public Finance Attorneys Urge Regulatory Changes to Foster More P3’s

We all know how hard it is to change federal statutes these days—you need an Act of Congress and the President to sign the bill. Last week, a group of the top public finance lawyers in the US offered an approach relating to...more

Comments on the Proposed Rule Regarding Credit for Lower Tier Small Business Subcontracting

Dear Ms. Fernandez: We are writing to submit comments on the above-referenced Proposed Rule, issued October 6, 2015, 80 Fed. Reg. 60,300, to amend the U.S. Small Business Administration’s (“SBA”) regulations pertaining...more

Guaranteed Sunshine: Performance and Testing of Solar Power Projects

This article is the third of three articles on solar power projects and discusses testing and performance guarantees in the context of engineering, procurement and construction (“EPC”) contracts for solar photovoltaic power...more

Interview: Bill Brierly - Chief Ethics and Compliance Officer CH2M

Smarter Compliance, Better Results - Trust and safety are critical to CH2M. CCO Bill Brierly talks about how the culture and value of compliance has changed under his watch....more

House and Senate Conference Committee Reports Out Five-Year Surface Transportation Reauthorization Bill

The House and Senate conferees have agreed on a compromise $305 billion five-year surface transportation authorization: the Fixing America’s Surface Transportation (FAST) Act. The bill should be headed to the White House in...more

IRS Amends TED Bond Volume Cap Rules to Accommodate Draw-Down Loans

The Internal Revenue Service (IRS) issued Notice 2015-83 on Dec. 4, 2015, a change that will make it easier for Indian tribal governments to use tribal economic development (TED) volume cap for "draw-down" loan structures in...more

Construction and Engineering Toolkit: Construction Insurance: Taking an Interest

Finance parties and others interested in major construction projects will usually want to be able to take the benefit of the project insurance arranged by the developer or contractor, so that their position can be protected...more

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