At LLG, we try to anticipate problems as well as trends so that we will be in the best position to serve our clients and colleagues, not only those in condominium communities but also bankers, developers, and contractors. When I contemplate changes in the real estate market, I tend to see myself paddling on a surfboard, with one wave breaking in front of me and another one on the horizon.
While I’m not an economist, I have sensed that there is generally more demand among homebuyers in the New England residential housing market, as evidenced by the closings we’re handling and recent market statistics. I am also beginning to see rippling effects in the commercial real estate market as well. Is the market recovery here? I am not certain, but I am sure that it is not far behind as our offices are witnessing the beginning of increased demand for real estate in the office, industrial, and retail sectors. Again, I do not know for sure when this next big wave will squarely hit our shores, but I do know that we need to be prepared for changing market conditions, and that will include meeting an increased need for commercial loans.
Writing the Right Loan
In a volatile environment, it is important to work with attorneys who have close working relationships with banks in Massachusetts and Rhode Island. The best banks will allow their customers to secure financing with the most favorable terms, whether the loan is for leasing, owning or developing property or perhaps refinancing for relocations or office and facility improvements.
We are able to serve as counsel to the lender or the borrower, or, under certain conditions, we are permitted to act as both lender and borrower counsel, which will permit us to pass along savings to our clients. So, as we all brace for changes in the economic tide, we encourage you to find steady legal footing. If you’re seeking a loan, please contact us so we can suggest preferred lenders, which are now offering excellent rates.
Note: In addition to securing loans and writing closing documents, we provide a myriad of related real estate legal services, including project development, document drafting, acquisitions, and dispute resolution.