Commercial Mortgage Loans and CMBS

Commercial Mortgage Loans and CMBS: Developments in the European Market is the only title of its kind to bring together all the UK and European practice regarding the current commercial mortgage loans and CMBS markets. This third edition gives fully updated and detailed coverage of the existing commercial real estate lending and CMBS markets and the restructuring of existing deals and transactions.

Main Features

• Updated to deal with latest developments in the market, including the emergence of shadow banks, tax regime changes, and UK, European and international regulatory developments
• Provides comprehensive legal and practical guidance on this important area of financial law, giving a complete insider’s view of current practice in the post-credit crisis environment
• Gives detailed coverage of the “CMBS 2.0” structures, which are designed to remove potential conflicts of interest
• Looks at the role of CMBS in the wider commercial real estate market
• Deals with both setting up new transactions and the administration of existing arrangements, including restructuring and refinancing of distressed debt in legacy CMBS
• Includes a chapter on Islamic financing issues
• Examines the related economic and technological issues
• Features a range of practical tools, such as key agreements, and a glossary of terms
• Provides guidance on UK, European and US practice
• Looks ahead to likely future trends and opportunities
• Includes a chapter on the investor’s perspective helping their legal advisers to pre-empt their needs and decision making
• Is written by experts at a leading international law firm, with contributions from investment banks, consultants and the leading industry organisation (CREFC) to provide real insight into law and practice

NEW FOR THIS EDITION

• Regulation: Focus on the post-2012 continuing unprecedented level of intervention by the world's central banks as well as the introduction of new regulatory frameworks aimed at trying to minimise the risk of a further crisis in the real estate financing markets, including detailing a complete compendium of the regulatory regime currently encompassing the real estate finance market, including Basel III, CRD IV, EMIR and Dodd Frank
• Current Commercial Real Estate Lending Market: Examination of the changing size and structure of the UK’s CRE lending market, and specifically how this has impacted on transaction volumes, capital values and development over the property cycle
• Shadow Banks: Discussion of the role of traditional lenders and the emergence of non-banks (or “shadow banks”) in the context of deleveraging since the publication of the 2nd edition.
• Re-emergence of Capital Markets: Consideration of the convergence of the debt and equity capital markets and global capital markets and the convergence of different disciplines within the capital markets
• Tax Regime Changes: Considering the tax regime that dictates almost every real estate financing structure (including the recent development of FATCA)
• Market Opportunities: Examining the main opportunities and challenges that exist in the commercial mortgage loan and CMBS markets by examining the context of where European commercial mortgage loan markets are at the time of writing and to highlight opportunities and challenges these markets present to the financier and investor with consideration to the market structure and evolving regulatory backdrop.
• Re-emergence of CMBS: focus on the many factors at play in determining the efficiency of real estate securitisation products by exploring the continuing interaction between real estate debt and debt capital markets and the regulators.
• Capital Flows: Examination of the immense and continuously expanding global pool of funds that are searching for liquid and rewarding investments, including an examination of the opportunity for private equity funds in the real estate debt markets
• Subordinated Debt and Intercreditors: Detailed examination of subordinated debt structures- both senior/mezzanine and AB structures Focus on LMA REF intercreditor and work being undertaken by CREFC in putting in place principles for both structural subordination and contractual subordination

• The commercial mortgage loan and CMBS markets: legacy and current positions
• Commercial mortgage loans, CMBS and its role in the wider real estate debt markets
• Opportunities in refinancing and recapitalising legacy commercial mortgage loans, CMBS loans and assets
• Legacy of European CRE lending, the lessons learned during the downturn and CMBS 2.0
• Asset managing legacy commercial mortgage loans and CMBS loans
• Servicing distressed legacy commercial mortgage loans and CMBS loans: workouts, enforcements
• Servicing commercial loans and CMBS 2.0: the legal issues; Derivatives in legacy CRE financings and their role in future transactions
• The economics of commercial lending and CMBS origination
• The evolving role of issuers and trustees in CMBS transactions
• A hitchhiker’s guide to the role of ratings agencies in the European commercial mortgage loan and CMBS markets
• The future of commercial mortgage loans and CMBS information management
• Finding value in post-crisis commercial real estate debt: an investor’s perspective
• Leverage and the use of subordinate debt
• The modern intercreditor agreement: terms and issues
• European CMBS and regulatory reform
• Continental European commercial mortgage loans and CMBS
• Islamic compliant financing of commercial real estate
• Lost (and found) in translation: US cross-border investments in European commercial mortgage markets
• Challenges and opportunities for commercial mortgage loan and CMBS markets