Commercial Re-Financing
Successful refinancing of an existing first position commercial mortgage with a new $10,100,000.00 first mortgage.
Overview
Our client, owner of a large commercial real estate property in Toronto, sought to refinance an existing first mortgage on a prime Toronto commercial property.
Property Details
- Type: Commercial real estate (Office Building)
- Location: Toronto, ON
- New Mortgage Amount: $10,100,000.00
- Existing Mortgage Balance: $5,950,000.00
Results
Here’s how we facilitated this transaction:
Steps to Success
1. Review Commitment Letter
We meticulously reviewed the commitment letter from the lender to ensure all terms and conditions were favorable and aligned with our client's goals. This crucial first step set the stage for a smooth transaction.
2. Review and Negotiate Security Documents
We carefully examined the draft security documents, identifying areas for improvement and negotiating terms with the lender’s counsel. This ensured that the final documents protected our client's interests while satisfying lender requirements.
3. Assess, Manage, and Organize Closing
We took charge of organizing the closing process, coordinating all parties involved, and managing timelines and deliverables. Our attention to detail and proactive approach ensured a seamless closing experience.
4. Provide Legal Opinions
We provided comprehensive legal opinions to the lender, addressing the borrower’s and beneficial owners' legal standing. This step was critical in satisfying the lender’s due diligence requirements and facilitating approval.
5. Prepare Draft Closing Documents
Our team prepared and reviewed all closing documents, ensuring accuracy and compliance with all legal standards. This included detailed coordination with the lender’s counsel to finalize all paperwork.
6. Obtain Discharge of Existing Mortgage
We managed the discharge of the existing mortgage and underlying security, ensuring that all previous encumbrances were properly released. This step cleared the way for the new mortgage to take effect.
7. Report to Client
After successfully closing the transaction, we provided a detailed report to our client, summarizing the process, final terms, and the benefits of the new mortgage. Our transparent communication ensured our client was fully informed and satisfied with the outcome.
Conclusion
Why Choose Beganyi Professional Corporation Law Firm?
- Expertise: With years of experience in commercial real estate law, we have the knowledge and skills to handle complex refinancing transactions.
- Client-Centric Approach: We prioritize our client's goals, providing personalized service and strategic advice tailored to their unique needs.
- Comprehensive Service: From initial consultation to closing, we manage every aspect of the refinancing process, ensuring a smooth and efficient experience.
Contact Us
If you're looking to refinance your commercial real estate mortgage, trust Beganyi Professional Corporation Law Firm to provide the expert legal guidance you need. Contact us today to schedule a consultation and learn how we can help you achieve your financial goals.
