Banking & Institutional Lending

Professional Service for Financial Institutions

In order to meet the complex needs of financial institutions, Boylan Code attorneys work as individuals, and as a team, to bring a variety of special competencies together to meet individual client needs. The following areas of expertise are often utilized by our financial clients:

• commercial and residential real estate (including title & environmental issues)
• institutional lending
• statutory and regulatory compliance
• product development support
• workouts and bankruptcy
• bond financing
• trusts and estates

Commercial and Residential Real Estate

Boylan Code has broad experience representing institutional lenders in secured real estate transactions. We have represented credit unions, mortgage bankers, life insurance companies, commercial banks, and savings banks with respect to portfolio loans and secondary market sales, including sales to governmental entities (GNMA, FNMA and FHLMC). Our experience encompasses traditional first mortgage loans (including commercial loans, FHA insured loans and VA guaranteed and SONYMA loans) as well as more sophisticated financing structures including multi-creditor participation, leasehold mortgages, wrap-around mortgages and subordinated debt. We are also sensitive to the borrower's perspective, having represented borrowers in a wide range of unrelated sale and financing transactions including the purchase and financing of major corporate headquarters.

Institutional Programs

Boylan Code employs an integrated operational system to guarantee a prompt, efficient and high quality closing program for institutional lenders. We recognize the need for prompt closings, and are committed to meeting the needs of both borrower and lender. We have the staff capacity and systems versatility to handle all documentary requirements. Throughout the closing process, we are mindful of the fact that the borrower is our client's valued customer or member and we are sensitive to the lender's desire to fulfill its customers'/members' needs for efficient and comprehensive service. Our Lending Department has its own dedicated telephone line, in addition to the firm's general line, to enhance our accessibility to our clients and their customers or members and their attorneys. Our fixed fee for closings typically includes the following types of services, as required:

• initiate contact with borrowers and/or their attorneys to advise them of the status of the loan and the requirements to be met in order to move quickly toward closing;
• review and analyze the lender's loan file, as well as the title materials provided by the borrowers' attorneys for compliance with the lender's commitment. We can also arrange for the issuance of title insurance and will work to resolve any title problems with the parties' attorneys;
• obtain information about property taxes in connection with tax escrows and monitor fulfillment of the underwriting conditions of the loan in concert with the lender's operational staff;
• remain in constant contact with the attorneys for the borrowers and, if any, sellers to coordinate and move toward closing;
• prepare/review the lender's loan documents, as appropriate;
• conduct the closing;
• oversee recording of the documents, as well as the issuance of the final title insurance policy;
• next-day transmittal of the original documents to the lender; and
• prompt follow-up after closing to assure that the final title insurance policy is issued, is correct and timely delivered along with recorded documents to the lender.

Statutory and Regulatory Knowledge

We are current on and fluent with the panoply of statutes and regulations affecting financial institutions. The firm has a thorough knowledge of a complex network of federal and state developments, including the Federal Reserve Board's regulations on funds availability, Truth-in-Savings, Truth-in-Lending, Equal Credit Opportunity and flood insurance, the Real Estate Settlement Procedures Act and Regulation X and the Federal Credit Union Act and regulations of the National Credit Union Administration, as well as the requirements of applicable provisions of New York and other states' laws and regulations and the requirements of the secondary mortgage market and government insuring agencies. We have on-line access to LEXIS, which we routinely review to alert our clients to recent developments.

Product Development Support

In assisting our clients with product development, our working knowledge of secondary market requirements and relationships with secondary market agencies, as well as regulators, has helped in the speedy development of programs that are approved and marketable. We have developed both first and second mortgage loan programs, involving review and development of appropriate loan documentation, procedures tailored to the lender, and development and communication of procedures for lender's closing counsel outside of the greater Rochester area. We have assisted in the development of specific deposit products, including product design, documentation, disclosures and procedures for a federal credit union. We are also able to render the legal opinions regarding the client and specific programs and products which are frequently required by regulatory agencies and secondary mortgage market investors.

Portfolio and Product Analysis and Compliance

Our experience in assisting financial institutions with product development and our working knowledge of regulatory and secondary market requirements and relationships with secondary market agencies as well as regulators enable us to ascertain quickly the degree of legal compliance of any secured loan portfolio and deposit programs. We are also able to determine those steps necessary to bring portfolios and programs into compliance.

Title Analysis/Resolution/Collateral Impairment Resolution

Unlike many real estate lawyers, we have the capacity to examine title for residential lending transactions even when both mortgagee and fee title insurance is obtained. Our broad experience in title examination enables us quickly to devise solutions to title problems when insurance coverage is unavailable. In addition, we are often able to devise cures to collateral impairment caused by title or procedural problems even after loans have defaulted.

Boylan Code can also act as title agent with respect to insurance underwritten by TICOR, First American, Monroe Title, and others. Under New York law, title premiums are established by the Secretary of Insurance.

Lease Analysis and Negotiation

We have broad experience in lease negotiation and analysis. In addition, we are experienced in finding practical ways to terminate undesired leases prior to their expiration. We have represented landlords and tenants in major corporate leases.

Development Law and Planning

We have represented major real estate developers in structuring, planning and closing residential and commercial development projects. We have served as special independent, third-party counsel to structure major development transactions in which each party to the transaction was represented by other separate counsel. In connection with our representation of developers we have confronted and successfully dealt with myriad ancillary issues, including zoning, owners association problems and environmental audits.

Environmental Compliance

We have advised lenders on all aspects of difficult environmental compliance problems related to mortgage financing. We are experienced in New York and federal environmental laws and regulations.

Work-outs and Problem Loans

Boylan Code has a well-respected practice in the areas of loan workouts and restructurings, bankruptcy, commercial litigation and secured transactional services with special emphasis on the representation of lenders, commercial creditors and businesses in bankruptcy proceedings, loan restructures foreclosures and collections. Our firm provides a full complement of legal services, from restructuring problem loans to foreclosing secured loans to collecting all amounts due to our clients. Boylan Code has vast experience representing creditors, creditors' committees and debtors in matters including debt restructuring; foreclosures; Chapter 7 and 11 proceedings; lender liability issues; commercial and retail collections; evictions; and tax issues.

Bond Financings

Our firm has extensive experience in matters involving both taxable and non-taxable public purpose and private activity bond financing arrangements. Our clients have included project beneficiaries, private and commercial lenders, providers of credit enhancement facilities, and issuers. We are also well-versed in initiating the bond financing process, drafting and negotiating operative financing and documentation, and the efficient closing of multi-party transactions. Boylan Code is listed in the Red Book as nationally recognized bond counsel.

Estate and Trust Administration

With an average tenure of over 35 years, the attorneys in our Trusts & Estates Group reflect the high level of technical expertise and accomplishment that is characteristic of all Boylan Code teams. We provide tailored services to a wide variety of individual and corporate fiduciaries. Our lawyers have specialized experience in advising banking and financial institutions in properly administering their relationships with customers who have fiduciary duties. Our experienced team of paralegals provides efficient and cost-effective services by the use of automated software for the preparation of court forms, tax returns and accountings.