Structuring Revolving Lines of Credit for Multiple Property Portfolios

Allowing for Draws and Repayments, Adding or Releasing Property, and More

Recording of a 90-minute CLE webinar with Q&A

Conducted on Tuesday, January 24, 2017
Recorded event now available

This CLE webinar will brief real estate counsel on the advantages of using a revolving line of credit as a method of financing a commercial real estate portfolio, and on how revolving lines are structured and documented.


Revolving lines of credit present a financing structure alternative for developers and other borrowers who are active in the real estate marketplace and desire the ability to acquire, develop, sell and refinance properties in their portfolios without having to enter into a new loan transaction each time. The revolving line of credit allows the borrower to draw funds as needed to finance the purchase of additional property or for other purposes, and pay down the loan balance should it sell property, without a requirement of defeasance or yield maintenance.

Listen as our authoritative panel of real estate finance attorneys discusses the legal issues and documentation of these credit facilities and the procedures for making draws and repayments (and obtaining releases). They will also discuss other attributes of these loans, which are typically short term with a floating interest rate and require interest rate hedging.


  1. Advantages of revolving lines of credit over standard mortgage financing
    1. Opportunistic acquisition; assemblage of portfolio or sale of properties out of portfolio
    2. Ability to make draws and pay down loan balance without penalty
  2. Loan terms generally
    1. Structure Overview
    2. Procedures for draws set forth in loan documents—expedited “closings”
    3. Short term; floating rate (hedged)
  3. Documentation
    1. Borrower and entity structures
    2. Holding Company- pledge of equity interests; UCC perfection
    3. Individual borrowers and properties
      1. Joinder agreement
      2. Borrower formation documents; reps and warranties
      3. Mortgages on each property (if required)
    4. Title issues


The panel will review these and other key issues:

  • The problems with standard permanent mortgage loans, and the additional flexibility provided under a revolving line of credit
  • How to best structure the line of credit borrower
  • Adding new borrowers under joinder agreements
  • Pledging of equity interests as security and UCC perfection issues
  • Cross-collateralization of mortgages and when mortgages are required


Mikel R. Bistrow, Partner
Ballard Spahr, San Diego

Ms. Bistrow focuses on commercial finance and lending, real and personal property secured transactions, Uniform Commercial Code, creditor's collection and related remedies, bankruptcy, insolvency, and workouts. In her finance practice, she represents lenders and borrowers in documenting and negotiating real and personal property loans and secured transactions, including revolving lines of credit, asset-based loans, securitized credits, and construction financing.

Gordon L. Gerson
Gerson Law Firm, San Diego

Mr. Gerson emphasizes real estate and business transact0ions, real estate financing, and loan recovery in his practice. He represents large financial institutions, life insurance companies, and private lenders in his commercial real estate financing practice in making loans secured by commercial or multifamily real estate, represents lenders originating Fannie Mae or Freddie Mac multifamily loans, and represent lenders in foreclosure, receiverships, bankruptcy and other collection actions. He represents private investors in purchase or sale of undeveloped property and developed property, represents lenders in loan portfolio sales, represents private investors in note purchases. He also represents shopping center and other property owners in all matters lease related.

Victoria J. Siesta
Ballard Spahr, New York

Ms. Siesta focuses her practice on real estate finance transactions, working directly with commercial banks, institutional lenders, servicers and borrowers on all aspects of the loan process from application through post-closing and loan servicing. She also has significant experience addressing property level issues. She represents clients in matters relating to acquisitions financing, refinances, building loans, leasehold loans and commercial mortgage-backed securities loans and is experienced in closing loans for commercial buildings, hotels, multi-property portfolios, large multifamily buildings and cooperative and condominium apartment properties. She also has experience representing clients in connection with acquisitions and dispositions of real property and loan workouts.


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Real Estate Law Advisory Board

David A. Barksdale


Ballard Spahr

Jacob Bart


Stroock & Stroock & Lavan

Brian W. Blaesser


Robinson & Cole

Ronald B. Grais


Sugar Felsenthal Grais & Hammer

Ren R. Hayhurst


Bryan Cave

Thomas C. Homburger

Of Counsel

K&L Gates

Susan C. Tarnower


Kilpatrick Townsend & Stockton

Clark T. Thiel


Pillsbury Winthrop Shaw Pittman

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