2014 Lending in Commercial Real Estate
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2014-10-08 to 2014-10-09
When: Wednesday October 8, 2014 - Thursday October 9, 2014
9:00AM - 5:00PM
Where: Ted Rogers School of Management - Ryerson University
575 Bay Street [Entrance on Dundas Street]
Room: TRS 3-129
Toronto, Ontario  M7A 2C7
Contact: Edward Byers
416-642-2700 Ext. 221

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Lending in Commercial Real Estate

Real estate finance is an integral area of practice within the world of commercial real estate – in fact, debt and the use of financial leverage is the “lifeblood” of the majority of real estate transactions. There are many approaches, definitions and models to lending to commercial real estate, and the skills required of and functions performed by a lender depends on several variables, including: focus and strategy, funding source, risk tolerance, return expectations, among other factors.


The primary objective of this course is to identify and understand the goals and underwriting methods of real estate lending and explain the rationale behind why varying structures and approaches are used by different lenders. In addition, the curriculum will include a combination of theory and practice, providing “real world” financing examples from within the Canadian marketplace as well as comparing it with other markets, together with utilizing a combination of lectures, interactive panel discussions and business cases to provide students with a fulsome and interactive learning experience.

 Eligible for Continuing Education Credits with BOMI.

 Eligible for Continuing Education Credits with CAAMP.



This course will be relevant to the following lender types: Commercial and Corporate Banks, Insurance Companies, Pension Funds, Trust Companies, Credit Unions, Private Lenders and other Non-Bank Financial Institutions, Mortgage Investment Corporations and Mortgage REITs, Foreign Lenders, CMBS and Conduit Lenders, among other types of lenders.


In addition, the course will be of interest to the following real estate and lending industry participants: Property Owners, Investors and Developers, Mortgage and Property Brokers, Mortgage and Loan Servicers, Asset Managers, Appraisers, Lawyers, Accountants, Financial Regulators, among other types of stakeholders.


- Clearer knowledge of the general goals of employing leverage
- Familiarity with the skills and experience required of being a lender
Greater awareness of the rationale and benefits and limitations of different loan structures and features
- Ability to calculate key performance metrics used by lenders in underwriting a loan
- Better understanding of the Canadian lending landscape, who the major players are and how and why they lend


Course Speakers


Daniel Simunac, Managing Director & Principal Officer (Canada), Raymond James Bank

Daniel Kofman, Partner, Blakes LLP
John Miron, Managing Director & Head of Real Estate Corporate Banking, RBC
Josh Picov, Managing Director & Head of Real Estate Corporate Banking, CIBC


Steve Gagro, Senior Manager, Real Estate Financing, Laurentian Bank
Roy Lall, Director, Real Estate Lending, Otera Capital
Robert J. Lynch, Vice President & Broker, Murray & Company
Jeffrey Winters, President, Sure Mortgage Capital


- The use of debt and financial leverage – identifying what is the right amount
- The Canadian commercial mortgage market: identifying players, market size and share by lender type 
- How different lenders lend and why - funding sources, preferences and motivations
How lenders employ financial leverage themselves – the economics behind financial institutions
 Identifying assets classes by relative volatility and financeability in Canada
 Investment real estate vs. business (operating) real estate – identifying underwriting differences
 The 8 C's of mortgage loan underwriting
- Structuring commercial loans by type: construction, term and revolver
- Identifying underwriting metrics and assessing future refinance risks
 Floating vs. fixed – benefits and limitations of each
Breakage costs: swaps, yield maintenance and defeasance
- Senior secured vs. senior unsecured - what's the difference and who qualifies?
- Understanding the differences between A/B notes and 1st mortgage/2nd mortgage loan structures
- Loan syndication – where, how and why?
- Market downturns and mitigating risk – amendments, extensions and other loan modifications
- Loan defaults and foreclosure – understanding lenders’ options, rights and remedies
- Lessons learned from the past – both from locally and abroad
- Where are we now? Current and emerging market trends



REALpac Member Company*: $1,395                                        Non-Member Company: $1,895

*To determine if your company is a REALpac Member, click here.


Day 1                                                                                                           Day 2

Part III

09:00 – 10:30


10:30 – 11:00

Part III cont.

11:00 – 12:00


12:00 – 01:00

Part IV

01:00 – 03:00


03:00 – 03:30

Part IV end

03:30 – 05:00

Part I

09:00 – 10:30


10:30 – 11:00

Part I cont.

11:00 – 12:00


12:00 – 01:00

Part II

01:00 – 03:00


03:00 – 03:15

Part II end

03:15 – 05:00






Continental breakfast will be available at registration. The course includes a group lunch and refreshments will be offered during morning and afternoon breaks.


REALpac reserves the right to cancel course offerings based on low attendance numbers for 100% refund on registration fees only.

Participant cancellations must be received in writing, at least five business days prior to the event for a 75% refund.  Substitutions are permitted.


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