In addition to representing mortgage lenders with respect residential purchases and refinances, Materassi Legal also extends its expertise to lending clients in the commercial lending space. With decades of experience in clearing, closing, funding and shipping these niche commercial products, our office is uniquely positioned to partner with income-producing /asset -based lenders for their settlement needs. Materassi Legal has closed for established commercial lenders such as Silver Hill Funding, Sunwest Mortgage Non-QM Division and Constructive Loans. To remain viable partners in this niche lending space, the Firm maintains additional Crime / Fidelity Bond coverage and Errors and Omissions policies with upper 7 figure coverage limits. Our well appointed conference rooms in Melville and Great Neck make a perfect setting to close out these oftentimes complex and difficult loans.
When it comes to the disposition or acquisition of commercial property assets, you can find no better partner than Materassi Legal. We have extensive experience with the sale and purchase of multi-family, mixed used, warehouse and Church properties. We assist clients from the very onset in terms of collecting vital information about the premises being sold, reviewing leases, vetting municipal websites for violations, open permits and C/O issues that could delay or derail a transaction in its tracks. If an asset happens to be distressed and facing a lis pendens, we work diligently with foreclosure counsel to secure a valid payoff reflecting, not just outstanding principal, interest and default interest, but also all legal fees and corporate advances due prior to closing. Likewise, we vigorously pursue an undertaking from foreclosure counsel to cancel and vacate the lis pendens and discontinue the action immediately upon receipt of verified payoff funds. With private foreclosing lenders, we also work to secure the original Note and Satisfaction of Mortgage to comply to title underwriting requirements.
We will manage tenant scenarios with the client such as legacy tenants who wish to remain in the disposed asset. Our Firm will also work with other stakeholders such as realtors to ensure timely vacancies and mortgage loan officers to manage expectations as to closing and locking interest rates. We will prepare estoppel certificates, Surrender Agreements and new owner owner tenant correspondence. Our contracts contain detailed Tenant Schedules and no Owner will ever make a representation or warranty that they cannot satisfy.
Should survey or boundary line issues arise, Our Firm has decades of expertise in identifying and resolving issues relating to encroachments and “out-of-possession” exceptions. We can prepare Boundary Line Agreements, Fence Affidavits and conduct a complete analysis of the potential issue all in accordance with New York title underwriting standards and methods.