Commercial Re-Financing Solicitor Dublin

 All of the normal steps to obtain a letter of loan offer will apply, such as completing loan applications forms, property valuations and being credit assessed. Unlike a residential loan there are additional legal components however, the status of the borrower is important if it is corporate entity, and commercial Guarantees may be required, and you can anticipate the lender will appoint a Solicitor to act on their behalf and they will detail very specific requirements in the letter of offer. This will include an investigation of title deeds of all property being offered as security for the borrowing, due diligence on the legal title, this will involve an updating of legal title, ensuring all outgoings are up to date such as rates and service charges, dealing with any planning or management company matters, searches, and a taking of legal security against the property including a drafting and review of legal security documentation.

In order to ensure a smooth and successful process, early advice and linking in with your key advisors such as your solicitor and accountant, will generally aid matters to progress quickly and promptly. Your expert commercial law Solicitor will be able to give practical advice to help you anticipate the likely requirements of the Bank or Lender’s solicitor.

The first step to help in this process is to identify the location of your title deeds and to start the process to have the deeds released to your solicitor so they can get to work on reviewing the deeds and advising you on the updating that you can anticipate will be part and parcel of the process. There will be documentation to be gathered by you as the transaction advances and the earlier this is attended to the smoother the transaction can proceed. You will need to apply for re-financing and arrange for the issue of the letter of offer and your Solicitor will be on hand to advise you of the next steps to complete the successful drawdown.

Yes, in Ireland when you are re-financing for a business property or a commercial portofolio of loans the practice is generally that the Bank / Lender will appoint their own Solicitor to act for them in the lending transaction.

In Ireland, it is generally a condition of the lending facilities that the legal costs of the re-finance are borne by the borrower.

The purpose of commercial re-financing is to give a client access to funds based on it’s ownership of property and to give security to a lender to obtain a loan..Commercial refinancing in Ireland involves replacing an existing loan or debt on a commercial property with a new loan that has better terms or interest rates. People consider commercial refinancing to lower monthly payments, access equity for business expansion, or take advantage of more favorable terms or rates.

While it is not legally required to involve a solicitor in commercial refinancing, a lender will generally require a borrower to engage a solicitor to advise on the loan and to liaise with the lender’s solicitor. Having a solicitor acting on your behalf will, however, be of assistance to you and the solicitor will be able to provide valuable legal advice, review loan documents, and ensure that your interests are protected throughout the process.

A commercial refinancing solicitor’s main duties include reviewing and advising clients on loan agreements, conducting property searches, handling title transfers, negotiating with lenders, and ensuring that the refinancing process complies with all of the lender’s legal requirements.

The duration of the commercial refinancing process varies depending on the complexity of the transaction and the parties involved. On average, it may take around 4-8 weeks to complete

Yes, there can be risks involved in commercial refinancing, such as prepayment penalties, hidden fees, or unfavorable loan terms. However, having an experienced solicitor can help you identify and mitigate these risks.

Yes, a skilled commercial refinancing solicitor can negotiate with lenders to secure more favorable loan terms, such as lower interest rates, reduced fees, or flexible repayment options.

As part of any commercial refinance, the deeds to the property being charged will need to be reviewed. In addition, the borrower will need to be advised on new legal documents to include, new loan agreements, deeds of charge, CRO documentation. The client may also need assistance in reviewing company rules and passing appropriate resolutions to facilitate the transaction. 

Yes, solicitors can handle refinancing transactions for multiple commercial properties. Their expertise allows them to manage complex transactions efficiently.

When choosing a commercial refinancing solicitor, consider their experience, reputation, and expertise in commercial property law. Additionally, seek recommendations from trusted sources or review client testimonials.