Real Estate Finance & Capital Markets

Real estate finance has been a pillar of GDL’s practice since the firm’s beginning in 1989. GDL lawyers have advised clients on some of the region’s largest and most complicated transactions, providing straightforward, prudent legal advice and guidance at reasonable rates.

Commercial Lending
Capital Markets, Mortgage Banking & Loan Servicing
Lending Regulation
Secondary Loan Market


GDL attorneys in the Real Estate Finance and Capital Markets Group represent national banks, pension funds, savings and loan associations, mortgage companies and other institutional lenders in their commercial lending activities, including the following services:

  • Negotiating and drafting the terms of loan commitments and loan documents and all other documents required to evidence and secure the various loan transactions;
  • Assisting in the structuring of loan transactions, including acquisition, development, construction, permanent, revolving line of credit, wrap around and equity participation loans;
  • Negotiating and documenting loans secured by various types of real estate collateral and non-real estate collateral;
  • Reviewing and evaluating title insurance commitments, surveys, entity documents, opinions of counsel for borrowers and other documents required to be submitted to lenders; and
  • Preparing closing instruction letters and providing representation of lenders at settlements.

In addition, GDL attorneys are experienced in the syndication of commercial real estate loans, including, the negotiation of co-lending agreements and intercreditor agreements.
From time to time lenders have requested that GDL attorneys review loan documentation and advise the lender concerning the restructuring of the documentation so as to strengthen any weaknesses or deficiencies that we believe, based on our due diligence, might exist.

GDL attorneys also have valuable experience developed in the late 1980’s, the turbulent economic environment of the early 1990’s and the recent very difficult economic environment in undertaking workouts, loan restructures and the representation of lenders in loan collection matters. Furthermore, GDL attorneys are accustomed to handling workouts or foreclosures where GDL was not the law firm which drafted the loan documentation or closed the loan which is now in default. GDL attorneys are quite comfortable with reviewing a loan package, designing with the lender client a strategy to pursue the borrower in question, and as required, continuing that pursuit through the bankruptcy courts, if necessary.

GDL attorneys work with lenders to foreclose upon and restructure hotel loans and related hotel management and franchise agreements, extremely large unfinished single-family land development projects, as well as commercial office buildings and shopping centers.


Attorneys in GDL’s Real Estate Finance and Capital Markets Group provide a wide range of advice in several fields, including:

Fannie Mae, Freddie Mac and Department of Housing and Urban Development (HUD) Financing: GDL provides services related to documenting and closing Fannie Mae, Freddie Mac, HUD and local state housing finance agency loans on behalf of loan originating entities, including: (1) developing, negotiating, and preparing loan origination, sale, and servicing agreements; (2) evaluating, drafting, and packaging loans for sale or purchase, both as whole loans and as loan participations; and (3) negotiating, creating, developing, and documenting loan warehousing agreements, builder bond transactions, and mortgage backed bond and mortgage pass through agreements. In addition, the firm is experienced in representing lenders in the closing and delivery of multifamily loans under the Fannie Mae Delegated Underwriting and Servicing (DUS) Program, other Fannie Mae programs, Federal Home Loan Mortgage Corporation programs; and government assisted housing programs.

HUD/FHA Loans: GDL provides legal services to clients in the following areas regarding HUD/FHA loans: (1) representing developers, contractors, profit motivated and non profit sponsors, lenders, and governmental entities in conducting business with HUD/FHA; (2) handling all legal aspects of HUD/FHA loan closings under HUD/FHA insurance and direct loan programs, including federal programs addressing multifamily rental housing, cooperative and condominium housing, hospitals, group practice facilities, land development, nursing and intermediate care facilities, and elderly and handicapped housing; (3) representing lenders in obtaining HUD/FHA mortgagee approval and in matters concerning mortgagee review; (4) advising and assisting in the preparation and submission of applications for the Ginnie Mae Mortgage Backed Security Program, including providing representation at the mortgage auctions held by both Ginnie Mae and HUD; (5) representing project owners in their dealings with lenders and HUD in connection with ongoing loan servicing and administration; and (6) counseling clients with respect to the financing and development of residential and commercial projects with financial and other assistance from local governmental agencies in urban renewal and other designated areas.

Conduit/Structured Financing: GDL represents mortgage companies, borrowers and loan servicers in numerous national conduit finance programs, structured finance transactions and whole-loan purchases and table funding transactions for conduit and securitization transactions.

Mortgage Banking and Brokering Regulation: GDL attorneys represent mortgage companies in complying with state and federal regulatory requirements relating to commercial and multifamily mortgage banking and brokering.

Loan Servicing: GDL counsels national mortgage companies with respect to the sale and acquisition of loan servicing, including the performance of legal due diligence review and the preparation and negotiation of sale and purchase contracts.

Warehouse and Credit Facility Lending: GDL represents financial institutions and borrowers in the establishment and operation of warehouse facilities for various loan types and collateral.

Institutional Investors: GDL attorneys provide experienced representation to national institutional investors regarding the purchasing and funding of real estate whole loans or participation interests, including HUD-insured multifamily and nursing home loans.

Bond Financing and Tax Credits: GDL represents property owners in processing and obtaining tax-exempt bond financing and equity through the sale of low-income housing tax credits, and the representation of investors, lenders, borrowers and loan servicers in bond refunding, defeasance and default refunding transactions.


Attorneys practicing in the Real Estate Finance and Capital Markets Group are knowledgeable of both federal and state lending regulatory matters, as well as state and local lending laws of Maryland, Virginia and the District of Columbia. GDL attorneys also have substantial experience with respect to the following:

  • Preparing adjustable rate mortgage loan instruments and the accompanying disclosures;
  • Advising and assisting in regulatory matters including, Truth in Lending (Regulation Z), Equal Credit Opportunity Act (Regulation B), Home Mortgage Disclosure Act (Regulation C) and Electronic Fund Transfers (Regulation E);
  • Providing strategic advice concerning the relationship of state and local laws and federal laws regarding usury issues and preemption; and
  • Assisting in the pursuit of federal and state approvals of mortgage banking licenses.


GDL’s practitioners represent institutional lenders in the real estate secondary loan market, regulatory and mortgage banking areas. Our attorneys are active in all aspects of real estate loan secondary market transactions, including the following:

  • Developing, negotiating and preparing loan origination, sale and servicing agreements;
  • Evaluating, drafting and packaging loans for sale or purchase, both as whole loans and as loan participations; and
  • Negotiating, creating, developing and documenting loan warehousing agreements, builder bond transactions and mortgage backed bond and mortgage pass through agreements.
Greenstein DeLorme & Luchs, P.C.