Real Estate Finance

Our aim in the REF sector is fivefold:

  1. to bring about increased efficiencies and standardisation in the European REF market via the publication of recommended forms of REF documentation;
  2. to highlight the legal and regulatory issues in the REF sector which have the potential to impact members working in this market;
  3. to discuss any challenges (legal or otherwise) affecting the REF market and to lobby key decision-makers, where necessary, in an attempt to bring about constructive change;
  4. to provide a series of dedicated events specifically aimed at participants working in the REF market, to assist them in furthering their knowledge of the sector generally and also in understanding our real estate documentation; and
  5. to consider ways to improve liquidity and facilitate investment in the REF sector, by encouraging new investors to the market.

Latest News

What do lenders need to know about the Building Safety Act 2022?

This briefing by Osborne Clarke LLP considers the impact of the Building Safety Act 2022 on financing for tall buildings with a residential element (in England only).  It explores some of the issues that lenders will need to consider in structuring, investigating and documenting the debt financing of such buildings.

LMA publishes updated real estate finance intercreditor agreements

We have published updated versions of the LMA intercreditor agreement for real estate finance transactions, and the LMA intercreditor agreement for real estate finance transactions (contractual subordination only). 

Amendments have been made to these documents to reflect the transition to risk-free rates as well as the UK's withdrawal from the European Union. 

LMA publishes updated senior/mezzanine facility agreement drafting guide for real estate finance transactions

The LMA has released an updated version of its Senior/Mezzanine Facility Agreement Drafting Guide for Real Estate Finance Transactions (the Drafting Guide). The amendments at Section 6 (Mezzanine drafting: Mark-up) of the Drafting Guide reflect the changes to the underlying document (the LMA's recommended form of senior single currency term facility agreement for real estate finance multi-property investment transactions), which was updated in September 2022 to provide for the use of a compounded risk-free reference rate.  It should be noted that the form of the mezzanine facility agreement provided at Section 6 of the Drafting Guide has not itself been amended.

European CRE CLOs – Some thoughts on a developing asset class

In this briefing, Clifford Chance explore the evolution of securitisation financing of commercial real estate (CRE) in Europe with the rise of new collateralised loan obligation structures (CLOs) as an attractive alternative source of term funding for non-bank lenders.



REF Documents

Access to LMA REF Documentation


The Real Estate Loan Book

An easily readable coverage of many of the issues to be considered in real estate finance, from tax, to security, to sustainability.