In addition to the mutual exchange of promises – the borrower’s promise to build in exchange for the lender’s promise to advance loan proceeds discussed in part 3 of this series – there’s another crucial aspect to a building...more
Nothing quite sets New York apart from other states’ attempts to balance the interests of construction contractor and construction lender as does New York’s iconic building loan agreement – or, to call it by its technical...more
In an ideal world, the interests of contractor and lender involved in the same construction project are aligned: the project succeeds, and everyone is paid what they’re owed.
But when the interests of contractor and lender...more