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Due Diligence Commercial Leasing Best Practices In New Jersey
New Jersey, like the rest of the country, has seen a significant slowdown in commercial real estate (CRE) lending over the last two years, in large part due to rising interest rates. However, with over $2 trillion in commercial mortgage loans slated to mature between 2024 and 2027 and recent indications from the Federal Reserve that rate cuts are forthcoming, there could be an unprecedented number of refinances and sales of real estate assets on the horizon.
While the precise timing of the anticipated deal resurgence is anyone's guess, the eventual influx of new CRE loans will lead to a substantial amount of due diligence on both new and existing real estate collateral.
Due diligence for CRE loans involves a comprehensive review and analysis of the various conditions and risks associated with the property being mortgaged, with the goal of mitigating such risks to the greatest possible extent before closing the loan. Navigating the due diligence process is typically a combined effort of the lender, the borrower, each party's attorneys, and the borrower's title company. The extent of due diligence varies depending on the specific facts and circumstances of the loan and the property, but it almost always consists of an examination of the title report, survey, lease agreements, property insurance certificates, land use and zoning approvals, environmental reports, and any other documents pertaining to the property, as well as the organizational documents of the borrower and guarantor entities. The following is an overview of the most important due diligence components.
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