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
We recently discussed the importance of diligence when acquiring distressed commercial mortgage loans, providing a diligence checklist for the process. Given that any foreclosing mezzanine lender may step “into ownership” if...more
When purchasing a commercial real estate loan that is in “distress,” it is crucial that one understands the nature of the defaults and the motivations of each party involved in the transaction and the deal. Diligence is key....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)
In many cases, borrowers and lenders are working together to weather this crisis. A forbearance agreement is often the first step—after a pre-negotiation agreement is entered into.
A forbearance agreement can benefit both...more
4/14/2020
/ Banks ,
Contract Negotiations ,
Coronavirus/COVID-19 ,
Emergency Response ,
Financial Institutions ,
Financial Services Industry ,
Forbearance Agreements ,
Mortgage Lenders ,
Mortgages ,
NYDFS ,
Pre-Negotiation Agreements ,
Relief Measures
The coronavirus pandemic is resulting in a wave of forbearances and workouts. A frequent first step is the pre-negotiation agreement.
A good PNA should be quickly negotiated but carefully considered, getting both parties to...more