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

New REF Security Documents (1 July 2020)

We have launched two new security agreements intended for use on real estate finance transactions (the "New REF Security Documents"), as well as consequential changes to the LMA REF facility agreements.

Brodies LLP Briefing Note on the new Scottish Register of Persons Holding a Controlled Interest in Land

The Scottish Parliament has approved an important element of the Scottish Government's land reform framework, seeking to improve transparency of ownership and control of property.

The Land Reform (Scotland) Act 2016 (Register of Persons Holding a Controlled Interest in Land) Regulations 2021 will set up a new register – the Register of Persons Holding a Controlled Interest in Land (the RCI). The RCI will become operational on 1 April 2022 and will be maintained by Registers of Scotland.



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.


REF Quarterly Bulletins

Upcoming events; documentation updates; and latest legal & regulatory news, briefings and submissions to regulators.