Practice Area

Finance Law

Direct counsel in English, 한국어, and 中文 — no interpreters.

Commercial loan documentation, SBA loans, banking compliance, lender liability defense, and consumer finance regulatory matters across NJ and NY.

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1Founding Attorney

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01 · Our Attorney

Finance Law Counsel

Commercial lending, consumer finance, banking compliance, and finance-related disputes — Korean-American businesses and individuals face complex U.S. banking and finance regulatory frameworks. Joseph Song advises on loan agreements, banking compliance, lender liability, and consumer finance regulatory matters.

Joseph D. Song

Founding Member

Admitted in NJ, NY, TX, GA. Counsels Korean-American clients and small businesses on commercial lending, banking compliance, and consumer finance regulatory matters. Fluent in English and Korean. Direct attorney consultations.

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02 · Practice Scope

What We Handle

Commercial and consumer finance, banking compliance, and finance disputes.

Commercial Loan Documentation

Term loans, revolving credit facilities, ABL financing, factoring agreements. Security agreements, UCC filings, intercreditor agreements, and subordination structures.

SBA Loans

SBA 7(a), 504, and CDC loan structures. SBA loan agreement review, guaranty issues, and SBA loan default and workout matters.

Real Estate Finance

Commercial mortgages, construction loans, mezzanine financing, mortgage assumption. NJ and NY commercial mortgage documentation and closing.

Loan Workouts & Defaults

Commercial loan modifications, forbearance agreements, and workout structures. Defense of loan defaults and lender enforcement actions.

Banking Regulatory

NJ Department of Banking and Insurance and NY DFS bank regulatory matters. Money transmitter licensing, mortgage banking licensing, and consumer finance registration.

Consumer Finance

Truth in Lending Act (TILA), RESPA, ECOA, FCRA compliance. NJ Consumer Fraud Act and similar state consumer finance protections.

Lender Liability

Defense of lender liability claims — wrongful foreclosure, breach of good faith, RESPA loan servicing claims. Bad faith and emotional distress defense.

UCC & Secured Transactions

UCC Article 9 secured transaction documentation. Perfection issues, priority disputes, repossession, and collateral recovery.

03 · Critical Window

Finance Timing

Three timing windows that determine finance outcomes.

UCC Filing Window

UCC-1 financing statements must be filed before security interest perfection is needed. Late filing means losing priority to other creditors. File at closing, not after.

Workout Window

Best workout outcomes occur before covenant default — proactive engagement with lender on financial issues preserves negotiating leverage. Post-default cure periods are shorter.

NJ Foreclosure Stay

NJ residential foreclosure requires court process, often 12-24 months. Loss mitigation review required. Mediation programs available for owner-occupied properties.

04 · Results

Representative Outcomes

Selected finance matters.

SBA 7(a) Closing

Closed $2.8M SBA 7(a) loan for Korean-American manufacturer — full documentation review, guaranty negotiation, and SBA approval.

Forbearance Negotiation

Negotiated 12-month forbearance with major bank for restaurant group — covenant relief, payment deferral, and avoidance of acceleration.

Foreclosure Defense

Defeated wrongful foreclosure on commercial property — RESPA loan servicing violations, lender required to restart process and accept loan modification.

UCC Priority Win

Established priority for client over later-filed bank security interest — perfection through possession argument upheld in NJ court.

05 · Questions Answered

Common Questions

What is the difference between a term loan and revolving credit?

Term loan: fixed amount disbursed at closing with scheduled repayment. Revolving credit (line of credit): borrowing capacity that can be drawn, repaid, redrawn during availability period. Different uses, pricing, and covenant structures.

What is the SBA 7(a) loan?

SBA 7(a) is the most common SBA loan program — up to $5M with SBA guaranty of 75-85%. Used for working capital, equipment, real estate, business acquisition. Requires personal guaranty and standard collateral.

What is a UCC-1?

UCC Financing Statement — public filing that perfects security interest in personal property. Filed with state Secretary of State. Establishes priority against other creditors. Standard for commercial lending; reviewed in every secured transaction.

What is the Truth in Lending Act?

TILA — federal consumer credit disclosure law. Requires APR, finance charge, payment schedule, and other disclosures for consumer credit. Violations allow rescission for mortgage transactions + statutory damages.

What is a workout?

Negotiated restructuring of distressed loan — extends maturity, reduces payments, modifies covenants. Used when borrower cannot service per original terms but business is fundamentally viable. Alternative to default and enforcement.

Can the bank call my loan?

Generally only on default — typically payment default, covenant breach, material adverse change, or insolvency events. Demand notes can be called anytime. Cross-default clauses can trigger acceleration from unrelated defaults. Careful covenant negotiation critical.

What is lender liability?

Doctrine allowing borrowers to bring claims against lenders for misconduct — breach of good faith, undue control of borrower business, misrepresentation, wrongful foreclosure. Strongest in NJ which recognizes implied covenant of good faith.

What is the NJ Foreclosure Mediation Program?

Court-administered program for owner-occupied residential foreclosure. Provides mediation before foreclosure proceeds. Borrower can present loss mitigation options (modification, deed-in-lieu, short sale). Required step in NJ residential foreclosure.

What are personal guaranty risks?

Significant — personal guaranty exposes personal assets to business debt. Standard for SBA and most small business loans. Springing guaranties and bad-boy guaranties can trigger on specific events. Negotiation focused on caps, sunset, and scope.

How much does finance counsel cost?

Loan documentation review: typically flat fee based on complexity. Workout negotiation: hourly with retainer; success fees possible. Litigation/defense: hourly with retainer. Initial consultations are free.

06 · Service Area

Where We Serve

NJ and NY commercial and consumer finance practice.

New Jersey

NJ Department of Banking and Insurance matters. NJ Chancery Division foreclosure and lender liability practice. NJ Consumer Fraud Act litigation.

New York

NY DFS regulated entity matters. NY Supreme Court commercial finance litigation. Federal practice in SDNY and EDNY for consumer finance regulatory matters.

Office: Parker Plaza, 400 Kelby St, 19th Floor, Fort Lee, NJ 07024.

07 · Recent Articles & Columns

Finance Law Articles

Recent columns on commercial finance, lender liability, and banking compliance.

08 · Success Stories

Recent Finance Matters

Selected finance outcomes.

09 · Get in Touch

Secure Your Financing Position.

Free initial consultation. Commercial finance counsel and lender dispute defense.