Adam Steiner
@admsteiner
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Following
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Lawyer but not your lawyer. Secured Lending; used to code. occasionally dabble.
USA
Joined November 2008
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Introduction for new followers
I'm a partner at Rick Steiner Fell & Benowitz, a New York City based law firm which represents banks, credit unions and other lenders on commercial loans. Our clients include some of the largest -- and smallest --institutions. We handle their
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@YoniMichanie
You should *demand* an investigation and then force them to allow you to do research and diligence on those accusing you. Turn the tables on them.
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@Austen
The really obnoxious part are the attorneys asking for $5b in TSLA stock as compensation, and the only reason the stock is worth that much is because of the unimaginable achievements of the guy they just tried to screw over.
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@RMFifthCircuit
Odds of this surviving appellate review are between slim and non-existent right?
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@BillAckman
These guys are panicking as the last of their power slips through their fingers. Sorry you and your wife are going through this but glad they picked on someone willing to stand up to bullies
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Law student intern walked into my office and said “sorry to bother you…”
Me: “Walk out. Count to 10. Come back in without saying sorry”
(And yes intern is going to read this later).
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PSA:
Anyone flying to Israel now to volunteer or as a reservist and who needs estate planning documents drawn up can DM me (Wills, POAs, etc).
There's an attorney who has volunteered and is recruiting others and I will put them in touch.
Available in multiple states.
No
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Asked the new associate what they liked most so far: "everyone has two screens. At my old firm no one had two screens unless you brought it yourself"
Mind boggling a firm wouldn't spend a couple of hundred $ for the massive productivity boost.
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So am I right in thinking that my 3% mortgage with 28 years left is worth 55-70% of it's face value on the bond market?
If so I feel really bad for those investors. But I'll happily buy it back at that value...
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Going to share
#MyFirstRepublicStory
and why they have a customer for life.
@firstrepublic
refinanced my student loans out of law school. 3.75% for 15 years. I must have referred 30-40 students to them. Family, friends, strangers.
Fast forward a couple of years and their 15
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Cold Caller: "I see you listed as the owner of Properties A, B and C. Are you interested in selling?"
Me: "Sure, make me an offer."
CC: "What do you want for them?"
Me: "Nope, you give me an offer."
CC: "Ok. Can you give me the property address?"
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W2 has a false sense of security
When I became a partner I went from a W-2 to a K-1. From bi-weekly paychecks to lumpy distributions.
Wife: When will you get paid next?
Me: Don't know
Wife: That doesn't sound good. What if you don't get paid?
Me: If there's no money I'd be
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On a conference call
Attorney (John): my client doesn't know what he's talking about. Just ignore everything he says, he's not that bright
Client: uh John, I'm here on the call
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@PiersUncensored
@piersmorgan
@EylonALevy
@TalkTV
@piersmorgan
turn the question the other way
1) We know approx 10% of Hamas rockets misfire and land on Gaza. How many of the 14k deaths should be attributed to Hamas?
2) of the 14k how many should be on the Hamas side of the ledger for using them as human shields? (Some? All?
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@ProfDBernstein
@UCLA
Exactly what you think. As Glenn Reynolds likes to say the police protect the criminals from society. If the police (or here the admin) won’t do their jobs then someone else will
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@KyleInserra
Parents split when I was 10. Remember the date. Never fought in front of us. Never badmouthed each other in front of us. Kept each of their respective families in line too.
Pretty amazing actually.
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Title Co. lost the recordable docs.
Deed. Transfer Docs. Mortgage. Checks.
Everything.
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Don't be the Seller's Attorney below.
Buyer's attorney realized the Seller's attorney had changed it from seller paying transfer tax to buyer. Not in a rider. In the form contract everyone uses. Same font. No redline.
Well all's fair so BA swapped it back to the standard form.
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NYC ProTip (only if you've never been here before): Never get onto the empty subway car when the others are full. There's a reason it's empty.
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@realEstateTrent
Many an attorney is really just a personal assistant for their billionaire clients
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@realEstateTrent
Happened to a friend. $70k deposited as 700. Took the IRS 7 months. They tried charging interest but he showed a copy of the cancelled check and they admitted fault. No interest or fees
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Title: There's a mortgage. We need a payoff letter.
Me: They paid it off. Here's a copy of the confirmation letter.
Title: We need a formal letter, on bank letterhead, saying it's paid in full.
Me: The letter is on bank letterhead and the first line says the loan is paid in
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We said goodbye to my grandmother this week. She was 97. Remarkable story. She met my grandfather when he was 18, she 16, at a dance in Budapest. They dated. They were separated by The War (the Holocaust). 1/5
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@Rainmaker1973
Is such a small group able to maintain sufficient genetic diversity over time?
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Got sent a document where all the dates were changed from May to December using Find/Replace. How do I know?
Document reads:
"Secured Party December or December not...."
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I'd much rather be a bank/lender with a large deposit base and low cost of funds then one that has to buy $. esp in this market. the former are going to do great on lending. the latter? potential takeover targets?
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@shawngorham
You'd be surprised how often they find a long lost cousin that actually inherits.
Sad story, we had a client who died, no siblings, no kids. Father died young. Mom lost touch with Father's family.
Living first cousins inherit. Did some sleuthing, found out that for 70 years
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@SMB_Attorney
More kids, don't let car seats stop you.
Prioritize going to kids events. Your clients will understand. Esp hard to keep in mind when you're in startup/build-up mode.
Stay away from ipads, etc for kids as long as possible. You'll lose eventually but every day is a victory.
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Periodic reminder: Get life insurance.
Go pick up $2-3m of 30 year term.
Even if you're single.
Especially if you're not.
Doubly especially if you have kids.
It's cheap.
Don't be stupid.
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I've said this before. If you don't have life insurance stop what you're doing and get term coverage. Right. Now.
Especially if you're married or have kids
Forget everything else you read here. Just get coverage.
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Every week my lending teams get a 3 line email summary of where each deal is, what's changed in the last week, big issues, expected close dates. Goes to the team leaders and managers. Think I'm the only attorney that does it. They. Love. It.
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@Bethazor1
But being paid back by the tenant over time, no?
When the new tenant signs the lease are they still responsible for unamortized TI (if, for example, an early termination option is exercised?) If they are, if they're just really stepping into the shoes of the new tenant,
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@RampCapitalLLC
Remember that seen in The Big Short where the guy from Bear is talking about how good Bear is while they tank and his fortune disappears?
That.
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Plan on doing a series of threads of commercial loans from the lender attorney perspective. What makes our lives easier. How can the deal close faster? What you can/'t negotiate. Who to speak with. Understanding credit perspectives, etc. Plus the usual business items.
/3
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Seller: Where's the wire?
Me: Title says they don't have the deed yet
Seller: They'll get it later. When will you wire?
Me: Not how this works
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@Austen
Not true. They actually act as a clearinghouse. I’m not giving you 1mm for your house and neither is my bank lending it to me in all cases to people who have never met.
So title acts as a clearinghouse really through their insurance product. Also I’m not going ahead and
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Family member asked me to review an OM for them.
Flip to financials and what did they miss?
Tax reassessment.
Confirmed the county will reassess to the PP on sale.
The new tax amount will wipe out almost all the cash supposedly available for distribution in Y1 and almost
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@AndyHVandenBerg
If you and your wife don't have life insurance yet, get it. Now.
1. PJs that have two zippers, one goes up, one goes down
2. Baby carrier
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Managing the Deal Killing Attorney is a very underrated skill
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Heard on a conference call
Atty: look I don't think my client knows what he's talking about
Client: uh, I'm still on the call
Us: [mute the phone] laughing
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Get a doc drafted by other side
Looks familiar
Look up doc properties in Word.
Created by me
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Borrower will not be required to deposit funds with the Lender if such funds are not insured by FDIC
Latest covenant change request
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@MultifamilyMad
Yeah...no. Attorney lending to his or her own client is a recipe for an ethics disaster
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Make your loan payments and the rest of the loan documents don't matter.
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I offer all new clients three fee choices.
1) Hourly
2) Low/High (what it sounds like. Not less than x, not more than y) clocked at a reduced hourly rate.
3) Flat fee
No one picks hourly. 1/2
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How you should buy your next home if you're interested in privacy
1) In an LLC
2) Not formed by you regular atty/service company
3) Someone else signs your mortgage and any public/recordable documents (again not your usual attorney)
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@realEstateTrent
No clue but we walked into one while playing tourist and the prices were 2x the other inflated prices down the block
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Until her late 80s/early 90s she would speak to children about her experiences. In public schools. Private schools. A play was made about her. She left behind a loving family and a wonderful legacy. 5/5
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Worth repeating. Relationships matter.
Dad is a resi RE attorney. When he first started out he went to 2 well-known title co's in town. Asked them to cover the (search) cost of busted deals. Dad was just starting out. Cash flow matters.
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Got a OM from a sponsor today
No acquisition, development or other fees
75/25 split after return of capital
GP contributing 1/3 of the equity raise
GP has been in the local market for a decade
Talk about having confidence in the deal
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Don’t do this
You’ll still owe transfer taxes in many states.
It’ll be a default under your mortgage.
Other reasons too.
Real Estate Hack:
If the property you are buying is in the name of an LLC.
Buy the LLC.
This makes you the owner of the property, keeps the current mortgage in place, and doesn't trigger a property tax hike.
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“We close hundreds of these a year. The Borrower will close a handful a lifetime if that. Keep that in mind”
Something I say to brokers, bankers and colleagues at least once a week
Keep in mind the Borrower’s perspective
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@Bethazor1
Why should the LL be entitled to a piece of the sales price? Esp if it's for the same use?
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@DanStorage
Need to think about a few things, in no particular order.
1. Renovations: Is there a chance -- any chance -- that you'll want to expand your footprint to where the signage will be? If so negotiate a right to move it or don't do the deal at all
2. Constant Use - If it's not
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I'm repeating myself but if you're buying something, a business or real estate...use a transactional attorney. Please don't hire a litigator.
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Banks don't lend to your LLC, they lend to you.
LPs don't invest in an entity, they invest in you.
Clients don't hire your law firm, they hire you and your team
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@realEstateTrent
That'll last until he gets his car towed and loses half a day chasing it down at the pound. Still cheaper but bigger PITA
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I’ve never driven slower or more carefully than the drive home from the hospital with my oldest in the car for the first time
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@StudentRentPro
Make sure your wires are run before they close the walls. Thermostats. Alarm. Run extra network cables if you want to hardwire internet. Or for cameras. Just leave them in the wall. How many zones for HVAC. Whole house fan.
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"Adam, we have a slot open. Would you like it?"
I had been sending the admissions office an email weekly to see if a spot opened after being waitlisted at my 1st choice law school.
And I had already started at a different law school a couple of weeks earlier.
I jumped at the
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@piersmorgan
@piersmorgan
how many of those deaths rightly belong at the feet of Hamas? And just as you’ll go with the Hamas Health Ministry based on the figures being accurate (accepting for the sake of argument) why not accept Israel’s numbers on the same basis? Why trust Hamas more??
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The best attorney for a borrower is an attorney who represents lenders.
The irony is that we are often conflicted out.
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I know you don't want to but if you're going to bust a covenant...give your banker a heads up. The time to tell them isn't after they reviewed your financial statements
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Sophisticated customers (e.g. do multiple deals) go for flat fees. Newer to the scene who might not know the market usually pick low/high to hedge.
For me? Flat fee is best. Hourly is worst. 2/2
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@PromoteJunkie
You really need to look at high/low or flat fee. I usually quote that to all of my clients, so much easier than tracking hours all the time and fighting over bills.
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After surviving the Holocaust, my great-uncle got a job as an engineer for a car company in South America.
One day the US parent company decided to fly in some engineering consultants to solve an assembly line problem at one of the plants. Local management insisted that my
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Revenue per 277 employees
Google: $1,000M
Apple: $1,400M
Microsoft: $800M
Wachtell: $3M*
*Per attorney
There, now we have a real comparison
Revenue per employee:
• Apple - $2M
• Microsoft - $990K
That’s a lot, but guess who tops both of them?
A law firm called Wachtell, Lipton, Rosen & Katz - $3.8m per lawyer.
Service-based businesses can do high margins.
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Everyone my age is named for someone murdered by the Nazis.
I learned about the Holocaust from my grandparents and their friends, survivors all. Number tattoos, the camps, death marches, medical experiments, partisans, all first hand accounts. One grandfather never spoke of his
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Today is Holocaust Remembrance Day, Yom HaShoah.
My paternal grandmother was one of just 80 survivors of a death march that started with 2,000. Her mother, who also survived the march, would die in her arms shortly after being liberated. She would speak to public school children
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@shawngorham
@constantraise
@sammcallister
@damonpace
A great thread. Very impressed by
@stripe
's handling of the response. Hard to balance providing details v. protecting privacy but they've done well
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@CREdeallawyer
"I got good news and bad news. The good news I guess is that it didn't need the repairs, so I guess I owe you the $300. The bad news is your guy vandalized my house (pic attached) and I'm afraid you're going to owe me a lot more than $300"
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Random thought:
Prepayment premiums are a lot more important now. Lock in a shorter prepay. Say a 3,1,1,1,0. If rates come down you can refi. Yield maintenance in this market can be very expensive later on. But what do I know?
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Intros:
"What can I do for you?" Get asked at every biz dev and networking meeting. I always have the same answer.
"Nothing"
"I'm sorry?" They're surprised. Perplexed. 1/3
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@academic_la
Out of curiosity, why call it a "terrible tragedy" when you can't trust the Hamas numbers? In (every?) similar situation we see that Hamas inflated their numbers, even shifting blame from themselves to Israel.
So why accept the framing of a "terrible tragedy" instead of waiting
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Re/SMBTwit is a bubble just like everything else.
Starts small and special. Lots of great interactions. Then it becomes popular and explodes. Lots join, including some grifters. People latch onto trends to juice their follower counts (Guy accounts). And then it bursts, a bunch
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It's true. By year-end I'll have had a part in nearly $250mm of deals -- all came through DMs
If you’re active on this app, and your DMs aren’t open to anyone, it’s hard to overstate how much opportunity you’re leaving behind.
But you’ll never know.
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Me: Wire's out
Seller: Didn't get it
Me: Here's the FedRef
Seller: Bank says they don't have it
Me: They have it.
Seller: I'm going to pull the deal
Me: Your bank has the $
10 min later
Me: The wire bounced back
Seller: Oh, I gave you the wrong acct name
Me: Well there ya go
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"Do you have a fax #? I can't email wire instructions. Email isn't secure"
I hate to tell you this but..
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I represent banks and other institutional lenders on commercial loans
Which means I get a couple of calls a week asking if my bank clients have any loans for sale
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@MountainManMitt
@PromoteJunkie
Were they doing it to verify who can sign? May be a reason for it. And $3500 for reviewing 45 entities isn't insane if you have to chart out subentities, etc.
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@realEstateTrent
I’ve found it to be the opposite. At least amongst my peers. Dad wants. Mom doesn’t/on the fence
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