Non-Imputation on a Loan Policy: Read the Jacket
Why a lender's non-imputation endorsement request on a loan policy is unusual — and why the policy jacket already answers the underlying question.
Real Estate Finance
Debt and credit support for development and acquisition: the standard document set, mezzanine and CMBS structures, the completion guaranty and its balancing provision, standby letters of credit, and the title-policy endorsements that matter to a lender.
6 pieces
Negotiating the Balancing Provision in a Completion Guaranty
A line-by-line walk through the balancing-provision and completion-guaranty mechanics that decide who pays when a construction loan goes out of balance.
Standby Letters of Credit in Texas and Missouri: Rules and Drafting Points
A practitioner's primer on standby letter-of-credit law in Texas and Missouri — Article 5, ISP98, the independence principle, and the drafting traps that decide who pays when a draw is contested.
CMBS Is Back: A Refresher
A CMBS refresher for practitioners — the 2025 reopening, the REMIC/PSA/special-servicer framework, conduit vs. SASB structural differences, and five practice tips for the next deal.
Mezzanine Financing in Construction-Phase Real Estate Development
How construction-phase mezzanine debt is structured, what the intercreditor agreement actually controls, and what happens to the completion guaranty when the mezz lender takes over.
Basic Documents Related to Financing Commercial Property Acquisitions
I prepared a lecture for the National Business Institute titled Basic Documents Related to Financing Commercial Property Acquisitions.
Other topics
The Developer's Brief
Field notes on real estate development law.
Occasional dispatches on deal structure, entitlements, and the quiet patterns that move large projects. No filler.
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