Commercial Lending Capabilities

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Attorneys in Hodgson Russ’s Real Estate & Finance Practice Group regularly represent commercial banks and other lenders and corporate and other borrowers in commercial lending transactions involving unsecured, personal property-secured, and real estate-secured credit. These transactions encompass a wide spectrum of credit types and include revolving credit facilities and lines of credit (often subject to collateral-based formula maximums), letters of credit, term loans, equipment financing, commercial mortgage loans, agented and participation loans, and industrial development revenue bonds. In addition to our daily dealings with the more typical commercial loan issues, we have extensive experience in obtaining and perfecting security interests in securities, ships, aircraft, patents and trademarks, other intellectual property rights, and governmental payments.

A small sample of our services includes:

• Advising on and documenting commercial lending and finance transactions, including lines of credit, revolving credits, term loans, formula-based inventory, and accounts receivable credit facilities, equipment leasing and finance, and letters of credit
• Advising on and documenting mortgage-secured loans, including acquisition, construction, and permanent financing
• Representing banks in multi-bank financings, including advising on loan syndications and participations and intercreditor and subordination agreements
• Advising on usury issues under New York law affecting lending transactions
• Advising on interest rate swap agreements, including negotiation of standard ISDA documentation
• Advising lenders on defaulted loan transactions, inside and outside of bankruptcy, including documenting restructures, forbearance transactions and other work-outs, bringing foreclosures and other enforcement actions, carrying out secured party sales of personal property collateral, and debtor-in-possession financings

Some of our representative commercial lending transactions that may be of particular interest to you include the following:

• We recently represented several related financial services companies in restructuring their revolving credit facilities with separate funding sources. These facilities are both formula-based and aggregate in excess of $200 million.
• We recently represented a banking client in its purchase of approximately $24 million bank-qualified tax-exempt bonds, the proceeds of which were used to construct a parking garage designed to service an expanding medical campus. Several health care facilities shared varying ownership and other interests in the parking garage.
• We recently represented a banking client as the agent bank in a syndicated construction and permanent loan, the proceeds of which were used to construct a new building in a suburban office park. The loan facility aggregated in excess of $33 million.
• We recently represented a banking client as the agent bank in a syndicated construction loan, the proceeds of which were used to construct a luxury condominium hotel containing both residential and commercial units where each residential unit was divided into fractional fee interests. The loan facility aggregated approximately $28 million.
• We recently represented a leading information technology services company in a refinancing of revolving credit facilities aggregating $35 million. It involved the successful renegotiation of several loan agreement covenants relating to collateral requirements, borrowing formula, disclosure, and other matters.
• We are currently working with a high-technology manufacturing company in extending and restructuring its syndicated revolving credit facility. The facility is currently in excess of $200 million.
• We are currently working with a manufacturer of highly engineered products with international operations on the modification, extension, and increase of its syndicated secured revolving credit facility. The revolving credit facility is anticipated to be in the initial amount of $900 million and includes letters of credit and foreign currency advances.