Representing lenders and servicers of multifamily loans often goes hand-in-hand, particularly given program specifics, the underlying transaction documents and the particular requirements of repeat borrowers. We are familiar with all aspects of Fannie Mae and Freddie Mac servicing requirements, as well as those related to pooling and to agreements associated with servicing and subservicing in securitized loans.
Servicer consents to borrower requests and assumptions. We represent clients in all manner of requests and matters related to the following:
- Approvals of easements
- Cable and internet service agreements
- Transfers of interest in the borrower structure
- Assumptions of loans
We have extensive experience related to multifamily property being acquired and existing financing assumed, and with crafting the necessary modifications to GSE standard form documents. Having been involved in modifying successive generations of documents to address deal-specific underwriting and borrower structure issues, we have a comprehensive understanding of the parties’ intentions, along with the form, the substance and the approach that has characterized the best practices in representing the lender. This is critical when supplemental financing is added to an assumption transaction, because the new debt must be documented consistently with the existing debt, often using distinct forms with significant differences.
Servicing structures and standards. We represent master servicers and sub-servicers, making us uniquely qualified to advise on requests related to Freddie Mac CME transactions. These are securitized transactions requiring adherence to Freddie Mac’s servicing standard and the preference is for one counsel to represent the servicer/lender side of a deal. We are familiar with REMIC requirements and our tax partners are prepared to issue legal opinion addressing any issues that arise from them.
Servicing related to special situations. In conjunction with the firm’s environmental, litigation and financial restructuring and insolvency lawyers, our capacity extends to a variety of environmental, creditor’s rights and general commercial litigation work related to multifamily financings. We assist clients in negotiating and documenting the transfer of servicing rights.