$7.4 Million Loan Obtained for Residential Building
After years of ownership, our real estate developer client finally made the decision to develop a parcel of land consisting of approximately 40,000 square feet into a 66-unit mixed-use apartment building by way of a $7.4 million construction loan.
After we were retained by our real estate developer client, we reviewed the terms and conditions of the loan commitment.
We noticed that our real estate developer client was entering into a loan arrangement with the same mortgage lender that another real estate developer client had recently consummated, but at a higher rate of interest in comparison.
We alerted our real estate developer client of that difference in rate of interest under his proposed construction loan and, after he pointed that out to the mortgage lender, the mortgage lender agreed to reduce the rate of interest under the construction loan.
After reviewing the loan commitment the real estate developer entered into with the financial institution and comparing it to the loan documents so drafted, we noticed several business terms and conditions which were not dealt with in the loan commitment.
Through our negotiations with the mortgage lender’s attorneys, we were also able to convince the mortgage lender to modify other terms and conditions of the loan documents.
As part of the loan transaction, we were required to issue an opinion about the legality of the construction loan and the corporate structure of our real estate developer client.
We finally reviewed the title commitment issued by the title insurance company insuring this loan transaction to ensure that our real estate developer client was adequately protected.
Our real estate developer client closed on this loan transaction and is now in the processing of constructing the apartment building.
Alan has been my attorney for well over a decade. I rely upon him time and time again for my real estate projects. No one is better at knowing the law and figuring out how to get things done than Alan. He is my most trusted advisor.
- Jordan Brody, Metropolitan Group
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