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ARTICLE · 18 SEPTEMBER 2009

Preparing The Property For Sale – Financing Considerations

Blake, Cassels & Graydon LLP
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With recent dramatic changes in the lending market and lending criteria, the purchaser’s ability to finance the transaction has taken on heightened importance and may require greater creativity on the part of both the vendor and the purchaser.

CanadaReal Estate and Construction
Blake, Cassels & Graydon LLP
Blake, Cassels & Graydon LLP
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Copyright 2009, Blake, Cassels & Graydon LLP

Originally published in Blakes Bulletin on Commercial Real Estate, September 2009

Market Considerations

With recent dramatic changes in the lending market and lending criteria, the purchaser's ability to finance the transaction has taken on heightened importance and may require greater creativity on the part of both the vendor and the purchaser. In terms of the purchaser's ability to assume existing mortgage financing, the consent of the mortgage lender may no longer be automatic, the time required to obtain such consent may be longer (particularly when a servicer under a conduit is involved), the release of the vendor is unlikely, and additional guarantees or changes to certain covenants may be requested by the mortgage lender.

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