While the days grow colder as we approach year-end, the opposite is true for commercial real estate. This month we share our Due Diligence 101 article to make sure you have all the details covered in the rush to close year-end deals.
To our clients and colleagues: Always be Thankful, always be Giving, and you will always be Happy.
First Annual Business Attorney Panel
On November 5th Jeff Altshul was honored to participate in The John Marshall Law School’s Corporate Law Club’s First Annual Business Attorney Panel. Jeff fielded questions related to his experience and shared insight on the law school courses that proved particularly useful when he started his practice, lessons he learned from his first years in practice, the skills needed to become a transactional or litigation attorney, and the importance of achieving a work/life balance.
Commercial Real Estate Loans – Due Diligence 101
Lenders making commercial real estate loans in the Chicago market face harsh competition in terms and pricing and often have to make significant concessions to borrowers. Given the highly competitive market, loan officers may end up focusing on doing whatever it takes to get the loan in the door, and may inadvertently overlook pertinent details in connection with the borrower, the guarantor or the collateral.
This oversight may not be discovered until after the loan has been approved by the lender and a loan commitment letter has been provided to a borrower, which could leave the lender in a precarious position.
In order to reduce the lender’s risk of discovering problems after the loan has been approved, lenders should take steps to obtain and review potential borrowers’ due diligence documents before loans are approved. Read on.
This month the U.S. Supreme Court heard oral arguments in Luis v. United States. The case centers on civil forfeiture and the government’s ability to freeze a defendant’s assets, even if those assets are not related to criminal activity and even if freezing those assets would affect a defendant’s ability to obtain counsel of his or her choice. To understand the importance of this case, you must first understand civil forfeiture and how it can affect you personally and/or your business. Learn more.