Nathan

In commercial real estate lending, the distinction between recourse and non-recourse loans is often presented as simple. Either the borrower is personally liable or the lender’s remedy is limited to…

Commercial loan documents rarely contain traps in the obvious sense. The most expensive provisions are usually disclosed, clearly written, and quietly ignored. They become expensive later. Non-Recourse Carve-Outs Non-recourse loans…

Joint ventures are one of the most common structures in commercial real estate. They allow sponsors to scale, spread risk, and access capital that would otherwise be unavailable. They also…

Manufactured housing occupies a strange place in American real estate. It is one of the most effective forms of unsubsidized affordable housing, yet it remains one of the most criticized.…

Borrower’s counsel is sometimes viewed as a late-stage document reviewer. In well-run transactions, the role is far broader and far more strategic. Understanding what borrower’s counsel actually does helps borrowers…

In commercial real estate lending, it is common for lenders to provide extensive documentation and to assure borrowers that the forms are “standard.” Borrowers sometimes conclude that retaining separate counsel…