I Just Received Drafts of Construction Loan Documents from My Lender, Now What?

I have heard the following statement many, many times over the course of my career: “Do I really need to hire an attorney to close a simple commercial construction loan?” Needless to say, I cringe each and every time. While everyone loves to keep loan closing costs to a minimum, there are hidden costs of not being represented by counsel that could far outweigh this perceived up-front savings. Below are five examples of standard commercial loan documentation concepts that warrant careful review by borrowers and their counsel before any loan documents are executed.