This program is from ALI-ABA's "Commercial Securitization for Real Estate Lawyers" seminar.
Lawyers involved in every aspect of real estate finance: not only those representing mortgage and mezzanine borrowers, lenders, and underwriters, but also those representing owners and tenants. Even if the transaction is a traditional portfolio mortgage loan that will not immediately be included in a pool and securitized, lenders today view securitization as a potential "exit" strategy and require that loan documentation be suitable for securitization. As a result, securitization issues and requirements affect nearly every mortgage and mezzanine loan and, concomitantly, the transfer and leasing of commercial real estate.
This annual advanced course of study is designed for real estate lawyers who need a better understanding of the basic elements of the securitization revolution.
Topics for this discussion include:
Historical Context of Securitization
Market Overview ~ The aftermath of "Wall Street meets Main Street"; Wall Street capital vs. traditional capital sources and its effect on the borrower; How does Wall Street financing alter the borrower's negotiations with the lender? What do the Wall Street capital markets expect from the borrower? How should the borrower evaluate financing from these different sources?
The Basics: the ABCs of Securitization ~ Conduits - small and medium loan programs; Large loans and portfolios of loans; The CMBS process - from cradle to grave: who does what when? How to build a bond; How the subordinate tranches are calculated; Who buys each tranche of securities? What is a "B" piece? Pricing and structuring issues; What is a B note? How does mezzanine finance affect the market? What is a CDO?
The Role of the Rating Agency ~ require? What information do they require for various types of transactions? How do they affect your transaction? What are the differences in rating CMBS and CDOs? What are the underwriting concerns and issues?
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