(Explain like I’m stupid, because I am, but be nice) Refinancing a construction loan to a standard mortgage loan. Borrower and lender entities not changing. Current UCC-1 filed securing “all assets of debtor” in 2019. Why is it necessary to file a new UCC-1 at closing securing the exact same collateral?

like
Posting as :
works at
You are currently posting as works at

Because it’s a different loan. The first UCC-1 was likely with respect to that loan, which has been presumably paid off. Now you’re starting with a new loan and the lender needs a new UCC-1 with respect to your new loan.

like

PGC1, that’s not always true. Often, loans are technically amended and restated when you have the same lender, borrower and collateral. This is don’t often in Florida to avoid doc stamps on the “new” mortgage ($0.35/$100).

Under those circumstances, in theory the same financing statements would suffice. Still, lenders may functionally consider this a new loan, but with simply the names of the loan documents modified to read “amended and restated” and, as a result, prefer to keep their usual UCC practices in place.

like

When we refinanced a commercial building in Florida I believed the lender filed a new/amended UCC-1. Like anything, it likely depends on the lender’s own internal practices. But agreed that a new UCC might not be technically necessary. Perhaps in the OP’s case, a construction loan and a standard mortgage loan are usually, at least in my experience, two very different animals.

I’d agree that it would be atypical to amend and restated a construction loan as a permanent loan. Mostly exploring the theory of it more than the actual process.

As we all know from the golden rule, those with the gold rule . . .

Related Posts

Advice on the jump from AAE to AE? I’ve been doing AE level work for months and have been told by many managers that I should be promoted but it’s in the hands of the holding co..how long do I wait?

Would you try to show interest in a woman coworker if you aren’t sure if she is queer? I just can’t break out of the friend mold which probably means there’s nothing there but I can’t even ask

like

Question: can a company reverse employee contracts so that overtime will no longer be offered? Is there any way to combat a decision like this when the contract signed included this?

like

Hello All, Office Sup. for a major hospital, w/ 15 years experience. I have lots of experience in every position in the office, especially in training. I recently applied for an EPIC trainer position within the company and according to Glassdoor the average pay is about 23k more than what I currently make. I’m afraid of getting a lowball offer since 1. they obviously know my current salary and 2. I’d be new at this particular role, although I meet qualifications. Any advice if that’s the case?

like

And go to sleep it’s Monday tomorrow 🥹

Post Photo
funnylikesmart

Anyone with leads / opportunities at your respective companies in Digital Marketing? 8+ years experience here across various aspects of digital (content, seo, ppc, automation: salesforce pardot, marketo, etc) Currently a manager at an Agency in BC, Canada. Looking for a consulting / agency kind of role!! Appreciate any help! Much thanks!!

like

Does anyone here know of any good apartment brokers in Chicago?

Just sayin’ 💁‍♂️

Post Photo
likefunnyuplifting

What to use my $100 ambassador Marriott store credit on?

like

I'm looking for an an automated callout platform. Does anyone here have a recommendation?

Anyone else out here without a bachelors degree struggling to get a job?

like

Can anyone provide insight into Capital One's "power day" interviews?

like

In search of an SD 🥰
LA-located
Tall (for Asian) athletic built female in late 20s
Been told I’m attractive
DM me or text +1 (424) 256-9595

like

This is my second year teaching and I want to quit more and more everyday than I did my first year. Please tell me this passes!!!! It got easier yet I’m still so unhappy everyday

like

Im in my final year of undergrad and have a final round interview with guidehouse for a rev cycle consultant position on Monday. Can anyone provide insight into the format of the interview?

like

Any recs on admissions counselor and gmat prep? Leaning towards menlo coaching but curious to hear your thoughts

like

Hello, I am looking for senior level project/process management opportunities in the advertising and marketing industries. Open to agency or brand side roles. Please help with any leads or advice.

like

Service Cloud Functional Lead. Rolling off end of month. US SE Region. Looking for next project

Looking to move from consulting to chill DS/analytics role. Don’t care too much about TC ($150k is fine), but WLB is paramount for me. Anyone have any thoughts as to where I can get this?

like

Additional Posts in Real Estate - Law

Anyone feel they’re slow?

likehelpfulsmart

Anyone on here interested in starting their own digital law firm specializing in corporate law and commercial real estate (WA, OR, AZ)?

like

Has anyone else’s group experienced a lot of departures?

like

Are any firms hiring remote real estate associates right now? Mid level if that matters.

likehelpful

I do lender side real estate finance. I want to personally buy a 3-4M real estate portfolio. What kind of conflicts do I need to avoid? Can I go to a lender I work for?

like

Are paralegals supposed to be the ones handling title/survey/zoning?

like

There’s a Nonexclusive Installation and Service Agreement by Comcast/Spectrum that is recorded against title. Is this something that needs to be subordinated? It’s not a lease so an SNDA doesn’t seem appropriate.

like

Hi, I’m looking to move back to the northeast. I do commercial real estate. I’m aware of all those Chamber ranked practice in Boston but unfortunately none is hiring. Can anyone tell me a few strong regional/boutique firms?

like

Question for all of the older partners on here - curious, do you get a sense of the associates who will go in house/clients vs. those who will become partners? Are there any personality traits or qualities you notice one way or the other?

like

Partner: “I think we’re almost there. I don’t see any reason why we can’t close Monday.” … aaaaaaand there goes my Christmas for another year.

like

Salary expectations/billables at next firm?

I’m at a small law firm (2 partners; I’m the only associate) doing a mix of real estate lit, construction lit, commercial RE closings, co-op/condo law, representing developers of residential high rises in NYC, commercial foreclosures, and some general commercial lit. I’m only making $75k + a bonus of around $10k. I’m in my second year of practice (first year doing sec. 1983 lit at NYCLD). When can I jump ship to a mid-size firm doing commercial RE?

like

Any referrals for an attorney that can prepare a residential lease for an NYC apartment and what this should cost? Thanks!

like

I have an initial interview with partners at Thompson Hine in the Real Estate practice group. Can anyone shed some light on what I should prepare for?

likehelpful

Anyone working in Spain here?

like

Anyone have experience getting an exemption from GA withholding tax upon sale by claiming GA residency? Assume seller is a disregarded DE LLC. Massively different opinions on whether it’s doable.

like

Conflicts checks question: thinking about making a move from small(ish) firm to a larger one. How detailed will a conflicts list need to be? Haven’t switched jobs since law school, so at a little bit of a loss about the whole process!

like

Any good books to help get you up to speed on real estate finance matters?

like

Question for anyone who may be able to answer.

We are looking to file something like an injunction injunction to stop a property sale. The property is owned by a sister and brother. Brother is deceased so it passed down to his children. The heirs bad no idea the aunt is trying to sell. Can we file some type of injunction?

like

I have a lease with my landlord in NYC. He is selling the unit. Am I going to be pushed out by the new owner? I’m still ok till my lease termination date regardless right? I guess that’s all I care about.

likehelpful

New to Fishbowl?

Download the Fishbowl app to
unlock all discussions on Fishbowl.
That was just a preview…
Sign Up to see all discussions
  • Discover what it’s like to work at companies from real professionals
  • Get candid advice from people in your field in a safe space
  • Chat and network with other professionals in your field
Sign up in seconds to unlock all discussions on Fishbowl.

Already a user?
Login here

Share

Embed this post

Copy and paste embed code on your site

Preview

Download the
Fishbowl app

See what’s happening in your industry
from the palm of your hand.

A phone with Fishbowl app

Send download link to your phone

OR

Scan your QR code to download
Fishbowl app on your mobile

By continuing you agree to Terms of Use and Privacy Policy.

Messaging rates may apply

Download app

Sign up for free to view this conversation on Fishbowl

By continuing you agree to Terms of Use and Privacy Policy

Already have an account? Log in

Sign up for free to continue using Fishbowl

By continuing you agree to Terms of Use(New) and Privacy Policy(New)
Messaging rates may apply

Already have an account? Log in

For account settings, visit Fishbowl on Desktop Browser or

General

Legal