Taking the “Temperature” of a Potential Real Estate Financing Transaction – the Tenant Estoppel Certificate
One of the first things a doctor generally does when trying to diagnose the ailment of a patient is to take the patient’s temperature to help to make an informed judgment as to the patient’s health and to find something that may not be readily apparent from a visual examination.
In the world of commercial real estate financing, lenders have their own version of the doctor’s thermometer, a tool by which the “temperature” of a potential financing can be taken. It’s called the tenant estoppel certificate. In its simplest form, the tenant estoppel certificate is a document that lenders require borrowers to obtain from commercial tenants occupying property to be financed. A lender can demand that the tenant estoppel certificate be in form and substance acceptable to the lender, in order for the financing transaction to close...
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