We recently provided an outline of items to diligence when purchasing a mortgage loan in distress—and separately also discussed issues to diligence when purchasing a mezzanine loan in distress. This post (the third in this...more
On January 22, 2021, several New York State Assembly Members reintroduced legislation (Bill No. A03139) that seeks to amend New York’s Real Property Law and Tax Law, New York’s Tax Law and New York’s Uniform Commercial Code...more
2/17/2021
/ Borrowers ,
Financial Statements ,
General Assembly ,
Legislative Agendas ,
Lenders ,
Mezzanine Lenders ,
Mortgagee ,
Mortgages ,
Property Tax ,
Proposed Legislation ,
State and Local Government ,
State Legislatures ,
State Taxes ,
Tax Code ,
Uniform Commercial Code (UCC)
Construction loans with companion mezzanine loans raise a host of concerns that are unique to more standard ICAs between a mortgage lender and a mezzanine lender.
An intercreditor agreement (ICA) involving a construction...more
10/27/2020
/ Borrowers ,
Construction Loans ,
Coronavirus/COVID-19 ,
Foreclosure ,
Intercreditor Agreements ,
Loan Transfers ,
Mechanics Lien ,
Mezzanine Lenders ,
Mortgages ,
Real Estate Market ,
Repurchase Options ,
Right To Cure ,
Uniform Commercial Code (UCC)
Mortgage lenders and mezzanine lenders considering amendments to loan documents, forbearance, loan transfers, the exercise of remedies or deeds in lieu of foreclosure, and other loan-related fact patterns will need to revisit...more
A recent court decision in New York found that current market conditions in the real estate market justify delaying noticing mezzanine real estate foreclosures until October 15, 2020.
A recent New York Supreme Court Order...more
In a deed in lieu of foreclosure, a defaulting borrower agrees to convey the mortgaged property to the mortgage lender. But handing over the keys can raise a number of potential pitfalls. Below, we discuss some of these...more
8/13/2020
/ Borrowers ,
Commercial Mortgages ,
Commercial Real Estate Market ,
Coronavirus/COVID-19 ,
Deed-in-Lieu of Foreclosure ,
Deeds ,
Deficiency Judgments ,
Foreclosure ,
Income Taxes ,
Intercreditor Agreements ,
Lenders ,
Mezzanine Lenders ,
Non-Recourse Loans ,
Popular ,
Transfer Taxes
A recent court order found that a mezzanine lender may conduct a UCC foreclosure sale despite a temporary suspension of judicial foreclosures in New York State.
A recent court order interpreting the scope of New York...more
Mezzanine lenders enforcing Uniform Commercial Code remedies that do not comply with applicable requirements may face economic losses, costly litigation and potential liability.
Mezzanine lenders have specific and limited...more