Financial and legal complexities of credit-based lending to real estate entities with multiple assets

Article Abstract:

Multiple-property real estate investment entities are increasingly using, instead of traditional nonconstruction property loans, credit-based financings. These financing are similar to traditional corporate loans, in that lenders rely on borrowers' overall credit standing and borrowers use loan funds for various business purposes, in addition to term financing. Some of the legal and financial complexities of credit-based financings are explored.

Other Financial Vehicles, Miscellaneous Investing, Misc Investing, Analysis, Investments, Commercial loans

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Investors and funds look at REITS

Article Abstract:

The last phase of the real estate cycle, proposed new rules from the Dept of the Treasury, and multiple new issues are the major reasons that the stocks of real estate investment trusts (REITs) performed poorly in early 1998. Many mutual funds and investors, however, consider REITS to be investment opportunities because of their payout requirements. The dividends of many REITs in 1998 are 3.7 time the average dividend of S&P 500 stocks.

Investment Offices, Investment Companies, Open-End Investment Funds, Mutual funds, Panel Discussion, Stock funds

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Novel workout approaches that resolve knotty lender-borrower problems

Article Abstract:

An examination of a real-life convertible-mortgage restructuring serves to illustrate some unusual solutions lenders and real estate professionals are finding to difficult restructuring problems. In the case at hand, the lender gained increased control by establishing an asset manager and a lock box. Loan documents were modified to give the lender more control over budgets, leasing guidelines and other matters.

Management, Financial institutions, Mortgages

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