CEMA transactions can reduce refinancing costs in New York, but private lenders must be diligent about following the process.
Long-term rentals have exploded in the private lending space during the last several years. Private lenders entering the New York market who want to be competitive must understand and be able to handle CEMA, a unique regulation pertaining to long-term rental assets. There are no CEMA regulations in other states, and lenders can face unexpected […]
New York’s Newly Enacted Foreclosure Abuse Prevention Act and its Effect on Private Lenders
On December 30, 2022, Governor Kathy Hochul signed into law the “Foreclosure Abuse Prevention Act” (§5473). The Foreclosure Abuse Prevention Act (“FAPA”) puts a hard six-year statute of limitations on foreclosure proceedings and controversially will take effect retroactively. FAPA applies to all pending foreclosure actions and will have a drastic impact on certain actions in […]
