Finance Lenders

News & Analysis as of

Private Equity Newsletter - Summer 2015 Edition: Recent Developments in Acquisition Finance

As we discussed in a prior newsletter, the evolving landscape for regulated financiers under the Leveraged Lending Guidance1 promulgated by the Federal Reserve Board, FDIC and OCC has increased uncertainty for regulated...more

Opinion Letter – Why And How Much Will It Cost?

An Opinon Letter is like an estoppel certificate issued by the borrower’s attorney regarding the borrowing entity and the loan documents. Borrowers may have an opportunity at the loan application stage to negotiate the...more

Court Of Appeal Holds “May” Does Not Mean “May Only”

California requires persons who are engaged in the business of making consumer loans or commercial loans to be licensed under the Finance Lenders Law, unless exempt.  Cal. Fin. Code § 22100.  The CFLL includes the...more

Special Alert: CFPB Finalizes Rule to Oversee Nonbank Auto Lenders

On June 10, the CFPB issued its final rule to oversee “larger participant” nonbank auto finance companies. Although the CFPB received significant feedback during the comment period, the final rule is nearly identical to that...more

“Dead Hand Proxy Puts” Garner Increased Stockholder Scrutiny In Delaware

A ruling last fall by the Delaware Chancery Court has prompted a wave of 8 Del. C. § 220 books and records inspection demands on (and threatened litigation against) Delaware corporations that have entered into credit...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

The Construct - May 2015

In This Issue: - Construction Contract Claims Against a Third-Party Lender? The Unforeseen Consequences of a Standard Practice: For those of us who commonly represent lenders, there is nothing more unsettling...more

Sham Guaranty Defense Curbed by California Court

Last month in CADC/RAD Venture 2011-1 LLC v. Bradley, the California Court of Appeal ruled against the "sham guaranty" defense by guarantors who had formed the borrowing entity without being asked to do so by the lender. ...more

Pros and Cons of Preferred Equity Investments

Real estate owners and developers have been increasingly turning toward preferred equity structures and investments in order to raise much needed capital for the purchase, renovation and development of real property where...more

Financing Challenges for Small Cap Companies [Video]

Megan Gates explains the how rules implemented by the SEC and national securities exchanges make raising capital particularly challenging for small-cap companies....more

Security on Large Construction Projects. The Payment Remedy You Probably Never Heard of

California has a number of statutory payment remedies available on construction projects. Some, such as the mechanics lien, are relatively well known and often utilized. Others, such as the stop payment notice, are somewhat...more

Opportunities and Risks in Municipal Underwritings and Derivatives

In the current economic climate, opportunities are expanding significantly for municipal underwriters and derivatives specialists as states and municipalities across the country clamor to pay for infrastructure and services,...more

Environmental Indemnities

It is not often that one discovers that a senior housing facility was once an oil exploration complex or the site of a former dry cleaner but it does happen, and while your company may get comfortable with the acquisition and...more

Reinstatement of a LIHTC LURA following foreclosure

Note: This post is the final part of a continuing series on the Credit Report Blog on the subject of workouts and bankruptcies involving low-income housing tax credit (LIHTC) projects....more

El Paso RAD transaction converting 1,590 units at 13 sites closes

On April 9, 2015, the Housing Authority of the City of El Paso (HACEP) and its development, private equity and lending partners closed Phase I of the largest Rental Assistance Demonstration (RAD) project in the country. Hunt...more

Court Finds Lenders to Hedge Fund Not Liable as ERISA Fiduciaries

A federal court recently dismissed ERISA breach of fiduciary duty claims asserted by Delphi Beta Fund, LLC, a hedge fund, against two of its bank lenders, because there was no precedent for applying ERISA’s fiduciary duties...more

A Practical Guide to Russian Restructurings

Introduction – Restructurings are likely to be a major topic in the Russian Federation during 2015 and beyond. From a legal perspective, the legislation pertaining to restructurings and insolvencies has benefited from...more

Does Non-Recourse Liability Still Exist?

Several years ago, the real estate financing market took an unexpected turn. In 2011, a court in Michigan rendered a decision which called into question whether a non-recourse loan was truly “non-recourse” (liability limited...more

Treasury Departments State Small Business Credit Initiative Releases Quarterly Report

On March 19, the U.S. Treasury Department’s State Small Business Credit Initiative (SSBCI) released a new Quarterly Report detailing how the program continues to help small businesses grow and create jobs. More than $1.1...more

Bill Would Authorize Payments For Commercial Loan Referrals

California State Senator Marty Block has introduced a bill, SB 197, that would authorize a licensed finance lender to compensate an unlicensed person or company in connection with the referral of one or more prospective...more

European Acquisition Finance Debt Report 2015

Welcome to DLA Piper’s European Acquisition Finance Debt Report 2015. This report, now in its sixth year, presents detailed results of our survey of 300 debt providers, advisors, sponsors and corporates active in the European...more

Good News for Commercial Credit Providers – EDR Exemption to Continue

The Attorney- General's Department has announced that the exemption for commercial credit providers (CCPs) from the external dispute resolution (EDR) membership obligation should continue indefinitely. As advised in our Legal...more

SBIC Investment: A Potential Source of Capital for Government Contractors

Owners of privately-held businesses generally finance their businesses with their own capital, augmented with bank loans. An additional source of funding for government contractors is available from Small Business Investment...more

Considerations For Lenders in Workouts & Loan Restructurings

Despite the improvement in the economy since the advent of the “Great Recession,” many businesses nevertheless continue to struggle. Accordingly, lenders are well advised to stay up to date on  “best practices” when facing a...more

(US) Revised Pennsylvania Statute Creates Power of Attorney Chaos

The Pennsylvania Legislature enacted extensive changes to Title 56 of the Decedents, Estates and Fiduciaries Code affecting powers of attorney, effective as of January 1, 2015. The amendments create a number of issues for...more

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