The following Banking & Finance practice note provides comprehensive and up to date legal information covering:
Coronavirus (COVID-19): For information on the implications of the coronavirus outbreak on real estate finance, see Practice Note: Coronavirus (COVID-19)—implications for real estate finance transactions.
Many of the features of a typical real estate finance investment facility will be applicable to real estate finance development transactions. For information on the key features of real estate finance investment facilities, see Practice Note: Real estate finance—investment facilities—key features.
This Practice Note examines the key features of development facilities and how they differ from investment facilities.
Real estate finance development facilities involve a loan to the borrower for it to purchase and develop a property (or a group of properties) or to develop a property (or group of properties) that it already owns. This financing is secured against the property, the development documentation and the future cashflow generated by the property (ie rental income) once the development (or part of it) has been completed. The due diligence carried out in relation to the property and the planned development is one of the most important aspects of the transaction prior to the funding being provided. It is also important that the development is closely monitored throughout the development phase of the project and thereafter that the value and condition of the property are maintained.
The typical structure of a real estate finance development transaction is:
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Voluntary manslaughterVoluntary manslaughter consists of those killings which would be murder (because the accused has the relevant mental element for murder) but which are reduced to manslaughter because of one of the three special defences (loss of control, diminished responsibility or suicide
You may apply simplified customer due diligence (SDD) measures in relation to particular business relationships or transactions which you determine present a low risk of money laundering or terrorist financing, having taken into account:•your organisation-wide risk assessment—see Practice Note:
What is recklessness?In respect of some statutory offences and common law crimes the prosecution are required to prove a mental element of recklessness on the part of the defendant.Recklessness means unjustified risk taking on the part of the accused.Prior to the House of Lords decision in Re G
STOP PRESS: The Corporate Insolvency and Governance Act 2020 contains provisions which, on a temporary basis (presently until 31 December 2020) impose significant limitations on the ability for a creditor to seek a winding-up order against a company. For further reading, see Practice Note: Corporate
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