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Live Webinar

90-minute live streaming program
  • October 28
  • 1:00 - 2:30 pm EST

Also available as:

OnDemand Course

The Effects of Going Concern Appraisals on Lending

October 28

Learn why an appraisal/valuation is required for the going concern for lending purposes and identify the effect of going concern appraisals on lending.

2020 started off as a promising year with stock markets performing well and economy expected to be stable. However, within a span of just a few weeks, the COVID-19 pandemic swept the investment world off its feet and resulted in unprecedented market volatility and uncertainty.

It is a challenging time for companies with mid to high level of debt on their balance sheets. For example, given the high leveraged nature of private equity backed businesses, a downward business valuation would potentially be catastrophic for some of the businesses. In the last couple of months, the pandemic has hammered some private equity owned companies ill-equipped to handle an economic downturn because of heavy debt obligations. Travel and retails businesses have been especially vulnerable, such as J. Crew, Niemen Marcus, and Hertz, which filed for bankruptcy protection last month. Private equity business were hit hard in May, when 16 companies backed by private equity filed for bankruptcy. The higher debt obligation significantly reduces the equity valuations during economic downturn and must be monitored closely. Given the significant changes in going concern valuations, terms of new lending or existing loans would potentially be renegotiated.

Learning Objectives

  • You will be able to describe why an appraisal/valuation is required for the going concern for lending purposes.
  • You will be able to identify the effect of going concern appraisals on lending.
  • You will be able to recognize loan valuation methodologies.
  • You will be able to explain key valuation methodologies.

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Why Lorman?

Over 33 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Agenda

What Is a Going Concern?

Why an Appraisal/Valuation Is Required for the Going Concern for Lending Purposes?

What Is a Coverage Analysis?

How to Value a Business/Concern?

Standard of Value

Discussion of Key Valuation Methodologies

Brief Discussion on Types of Risks

How to Value a Loan?

Loan Valuation Methodologies

Effect of Going Concern Appraisals on Lending

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More Program Information

Why Lorman?

Over 33 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Credits

OnDemand Course

This course was last revised on July 11, 2013.

Call 1-866-352-9540 for further credit information.

No Credit Available

This program does NOT qualify, nor meet the National Standard for NASBA accreditation.

Live Webinar Registration

  • AL CLE 1.5
     
  • This course or a portion thereof has been approved by the Alabama State Mandatory Continuing Legal Education Commission for a maximum of 1.5 hours credit.
     
  • AR CLE 1.5
     
  • This course has been approved for 1.5 hours of CLE by the Arkansas CLE Board.
     
  • Arizona CLE 1.5
     
  • The State Bar of Arizona does not approve or accredit CLE activities for the Mandatory Continuing Legal Education requirement. This activity may qualify for up to 1.5 hours toward your annual CLE requirement for the State Bar of Arizona.
     
  • CA MCLE 1.5
     
  • Lorman Business Center, LLC. is a State Bar of California approved MCLE sponsor and this course qualifies for 1.5 CLE hours of participatory credit.
     
  • CT CLE 1.5
     
  • Neither the Connecticut Judicial Branch nor the Commission on Minimum Continuing Legal Education approve or accredit CLE providers or activities. This course has been approved for CLE credit in jurisdictions aside from CT and therefore it automatically meets the content and delivery requirements in Connecticut. Credit is based on a 60 minute credit hour and shall be awarded as follows: 1.5 CLE credit(s).
     
  • HI CLE 1.5
     
  • This program was approved by the Hawaii State Board of Continuing Legal Education for 1.5 CLE credit hours.
     
  • IL CLE 1.5
     
  • This course was approved for a total of 1.5 hours of MCLE Credit by the Illinois MCLE Board.
     
  • ME CLE 1.5
     
  • This course has been approved by the State of Maine Board of Overseers of the Bar. Lawyers who complete this course shall receive 1.5 hours of CLE credit under M. Bar R. 12.
     
  • NH MCLE 1.5
     
  • NH MCLE does not approve or accredit CLE activities for the NH Minimum CLE requirement. Lorman Education Services believes this course meets the requirement of NH Supreme Court Rule 53 and may qualify for CLE credit(s). Program Length: 90 Minutes.
     
  • NJ CLE 1.8
     
  • This program has been approved by the Board on Continuing Legal Education of the Supreme Court of New Jersey for 1.8 hours of total CLE credit.
     
  • NV CLE 1.5
     
  • This program has been approved by the Nevada Board of Continuing Legal Education for 1.5 CLE hours.
     
  • PA CLE 1.5
     
  • This Distance Learning program has been approved by the Pennsylvania Continuing Legal Education Board for 1.5 hours of substantive law, practice and procedure CLE credit.
     
  • RI CLE 1.5
     
  • This program has been approved by the Rhode Island Mandatory Continuing Legal Education Commission for 1.5 hours of CLE credit.
     
  • VT CLE 1.5
     
  • This program has been approved by the Mandatory Continuing Legal Education Board of Vermont for 1.5 hours of CLE credit.
     
  • WI CLE 1.5
     
  • This program has been approved by the Board of Bar Examiners for 1.5 hours for use toward the Wisconsin Mandatory CLE requirement.
     
  • WV MCLE 1.8
     
  • This program has been approved by the West Virginia State Bar MCLE Commission for 1.8 MCLE hours.
     
  • CPE 1.8 including Specialized Knowledge 1.8
     
  • Lorman Education Services is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its web site: https://www.nasbaregistry.org/cpas/complaints. For more information regarding administrative policies such as complaint and refund, please contact our offices at 866-352-9539. CPE Credit: Maximum Credit Hours: 1.8 each session (based on a 50 minute credit hour). You must attend at least 50 minutes to obtain credit. Field of Study: Specialized Knowledge for 1.8 hours. Prerequisite: . Level of Knowledge: Intermediate. Teaching Method: Seminar/Lecture. Advance Preparation: None. Delivery Method: Group Internet Based. Please refer to the information in this brochure for outline, course content and objectives. Upon completion of this course, you will receive a certificate of attendance. Final approval of a course for CPE credit belongs with each state's regulatory board. Please note: In order to receive CPE credit for this course you MUST use the streaming audio option, as well as enable and complete the required progress checks.
     
  • Lorman Business Center, LLC. is a registered provider for CPA CPE through the State Education Department of New York, Sponsor number: 000640. The following course will carry the subject area of Specialized Knowledge and Applications for 1.5 hours.
     

Who should attend?

This live webinar is designed for presidents, vice presidents, branch managers, loan officers, loan department personnel, compliance managers, Accountants, real estate professionals, mortgage brokers, appraisers, assessors, and attorneys.

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More Program Information

Why Lorman?

Over 33 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Faculty

Ajay Mishra

Ajay Mishra

Citrin Cooperman & Company, LLP

  • Director in the Citrin Cooperman & Company, LLP’s Valuation and Forensic Services Practice with over 14 years of experience
  • Specializes in advising a wide range of alternative asset managers including hedge funds, private equity funds, private lenders, real estate investment trusts (REITs), and business development companies (BDCs)
  • Has advised them on valuing their positions in equities and debt securities, such as common stocks, straight and participating preferred equity, carried interests, limited partnership interests, corporate loans, senior secured debt, putable and callable convertible debt, junior/unsecured subordinated debt, mezzanine debt, etc.
  • Experience also includes valuation analyses for financial reporting and tax reporting related to acquisitions, divestitures, reorganizations, impairment testing, employee compensation plans, and tax restructuring purposes
  • Was a director at Duff & Phelps’s Portfolio Valuation practice and was a manager at Ernst & Young, LLP, a Big 4 accounting firm
  • M.B.A. degree in finance and marketing, Fordham University; has completed four levels of American Society of Appraisers (ASA) designation curriculum and completed exams for The Certified in Entity and Intangible Valuations (CEIV); and a Chartered Financial Analyst (CFA) level III candidate
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Why Lorman?

Over 33 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

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Product ID: 404766
Published 2013, 2020
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