Finance & Banking Construction

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The Construction Advantage – Issue 19

Zombie Lien in Washington State: The Lien That Just Won’t Die - In Shelcon Construction Group v. Hammond and Anchor Mutual Savings Bank, decided on May 27, 2015, a Washington State Court of Appeals court determined that...more

Why project bonds are on the rise in Latin America

Latin American project bonds continue to grow as a source of infrastructure financing, particularly as private capital is needed to close multi-billion-dollar shortfalls in spending for needed infrastructure projects in Latin...more

Coming Soon... New Closing (no, Consummation...) Rules!

What?! We can’t call it a closing anymore? Under new federal regulations regarding the Truth in Lending Act (“TILA”) and the Real Estate Settlement Procedures Act (“RESPA”), the terminology for a “closing” or “settlement” is...more

Is the Mechanic’s Lien or Bond Waiver Clause in Your Contract Enforceable in Virginia?

A new Virginia law invalidates any mechanic’s lien or payment bond waiver signed before work has commenced. The Governor recently signed new legislation into law, effective July 1, 2015, that invalidates waivers of...more

Obtaining Title Insurance on Construction Loans: Avoiding Pitfalls Regarding Title Insurance Underwriting for Construction Loans

Avoiding Pitfalls in Construction Mortgages: Top 5 Tips for Title Insurance Underwriting - Construction mortgages pose significant risks for title insurers and require specific underwriting analysis. Avoid the...more

Asia-Pacific Energy Sector Update: Financing Renewable Energy Projects

In all jurisdictions, financing for greenfields projects is available from traditional sources - commercial banks, export credit agencies (ECAs, such as the Japan Bank for International Cooperation (JBIC) and Korea's...more

Preview of Potential Changes to EB-5 Immigration Program: Source of Financing for Construction and Hospitality Projects

With the impending expiration of the Immigrant Investor Visa Program, also known as EB-5, in September, bipartisan legislation has been proposed in Congress to renew and improve the Program. The proposed changes could...more

Nevada’s 78th Legislative Session Closes with Important Reforms for Business

On June 1, 2015, Nevada’s 78th Legislative Session came to a final close with critical reforms for Nevada’s businesses. Brownstein Hyatt Farber Schreck’s Nevada Government Affairs team, Josh Hicks, Alisa Nave-Worth, Kandis...more

Summary of HUD's LEAN 232 Program E-mail Blast: Office of Residential Care Facilities (ORCF), June 24, 2015

The June 24, 2015 LEAN Email Blast contains information on the new protocol for release of R4R and NCRE, handling aged account receivables, clarification on UPL revenues, a 241(a) status update, a new IRR legal checklist and...more

EB-5 ALERT: SENATE REAUTHORIZATION WILL REDUCE FINANCING FOR U.S. CONSTRUCTION PROJECTS BY CHANGING THE JOB COUNT REQUIREMENTS

The proposed Senate Bill reauthorizing the EB-5 Regional Center Program would restrict the types of projects that can be funded with EB-5 financing and amount of funds that can be raised with EB-5 financing. The Senate...more

¿Qué impacto tendrá el nuevo enfoque de la SEC en el capital privado de inversión inmobiliaria del sur de Florida?

Fondos de capital de inversión inmobiliaria del sur de Florida: tomen nota de un discurso reciente de Marc Wyatt, Director de Cumplimiento Normativo de la Comisión de Valores y Bolsa (Securities and Exchange Commission, SEC)...more

Seventh Circuit Limits Construction Lender’s Use of Title Insurance Policy to Cover Construction Liens Created by Lender’s Cutoff...

In a recent decision written by Judge Sykes, affirming a decision from the Western District of Wisconsin, in an issue governed by Wisconsin law, the Seventh Circuit ruled that a title insurer has no duty to indemnify a...more

Proposed Bonds to Encourage Public Private Partnerships And Improve Infrastructure

The nation’s infrastructure is in need of dire repair. On February 2, 2015, to encourage private investments in infrastructure through public-private partnerships (“P3s”) and as part of his 2016 proposed budget, President...more

Business Processing Debit Card Payment Held Liable for Failure to Obtain Written Authorization

With the increasing use of debit cards to pay for goods and services comes risk for businesses who do not routinely process debit card payments. A recent example of this risk is highlighted in Kelsey v Pitsch Companies. ...more

Head Contractors Beware: New Retention Money Requirements in New South Wales

The Building and Construction Industry Security of Payment Amendment (Retention Money Trust Account) Regulation 2015 (Retention Money Regulation) commenced on 1 May 2015 and brought into effect important requirements for head...more

Recent Conference Highlights Risks and Opportunities in an Evolving P3 Market

As opportunities grow for public-private partnership procurement, political risk is the main threat to P3 projects. To sustain and grow the P3 market, the benefits will have to be communicated to elected officials and the...more

George Carlin and Erga Omnes: the Petrobras Bribery Scandal Expands

On this date in 2008 George Carlin died. If you grew up in the late 1960s or early 1970s and you had anti-parental or anti-establishment inklings, which of course all teenagers do, you knew about George Carlin. In the early...more

Seventh Circuit Says Violations of Wisconsin’s Theft-by-Contractor Statute Are Not Dischargeable in Bankruptcy

The Bankruptcy Code prevents an individual debtor from discharging certain debts, including, upon request of the creditor, debts for “fraud or defalcation while acting in a fiduciary capacity.” 11 U.S.C. § 523(a)(4). The...more

Sunset of Distressed Condominium Relief Act Extended

The Distressed Condominium Relief Act enacted as Part VII of the Condominium Act in 2010 (“Act”) was a temporary measure to encourage absorption of unsold condominium units arising as a result of the Great Recession. This...more

Real Property, Financial Services & Title Insurance Update: Weeks Ending June 5 & 12, 2015

REAL PROPERTY UPDATE - Lien Priority: claimant’s judgment lien related back to recording of lis pendens and therefore took priority over competing judgment lien obtained after lis pendens but before entry of claimant’s...more

Understanding The 4 “Ps” Before The P3 (Public-PRIVATE Partnership)

When Edmund G. “Pat” Brown, Sr. was the governor of California (1959 to 1967), major infrastructure projects were being constructed throughout the state. Today, under Governor Jerry Brown, communities are struggling to fund...more

Asset-Light

While asset-light strategies have been utilized for decades in the hotel industry, the strategy and how to implement it are a bit more complicated in the development space, whether for a hotel or time-share company. A typical...more

Whom the Gods Would Destroy, They First Make Meet A Higher Regulatory Capital Burden

Or perhaps Prometheus had it right in its original form. “Whom the Gods would destroy they first make mad.” Look at what we are doing to construction lending in the name of our seemingly endless safety and soundness...more

Virginia P3 Law Amendments: Good for the Public, Bad for Business?

Virginia, long at the forefront of public-private partnership (P3) legislation, has enacted new measures to protect the public from high-risk projects. On March 6, 2015, the Virginia General Assembly enacted House Bill 1886...more

North Carolina Achieves Financial Close on State’s First Highway Public-Private Partnership

North Carolina, acting through the North Carolina Department of Transportation (NCDOT), reached a major milestone on May 20, 2015 when financial close was achieved on the I-77 Express Lanes Project – the first highway...more

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