James Spencer#11800

James Spencer

Partner, Shoosmiths
Partner in the finance group of Shoosmiths’ London office with experience in a wide spectrum of finance and structured finance transactions, with a particular focus: 

- advising lenders on CRE loan originations and deal structuring as well as advising lenders, loan servicers and borrowers on distressed CRE loan work outs and restructurings.

- representing loan agents and servicers on their appointments to a variety of financing transactions from CRE, CMBS, shipping, leverage, aviation,, NPLs portfolios, loan on loan and warehouse lines.

Contributed to

1

Senior loans, mezzanine loans and intercreditor arrangements in real estate finance
Senior loans, mezzanine loans and intercreditor arrangements in real estate finance
Practice Notes

This Practice Note explains the most common intercreditor structure in real estate finance transactions and covers (1) use of intercreditor arrangements and structural subordination to subordinate a mezzanine loan to a senior loan, (2) typical funding structure and security package for a real estate financing where there are both senior and mezzanine loans, and (3) key intercreditor provisions for negotiation (including subordination and priority of payments, permitted enforcement of the first ranking mezzanine share security, the mezzanine lender’s right to cure a default under the senior loan, the mezzanine lender’s right to purchase the senior loan, and the consent and consultation rights of the mezzanine lender). It also briefly covers the use of A/B loan structures and contractual subordination in real estate finance.

Practice Area

Panel

  • Contributing Author

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