This course introduces the basics of secured commercial debt financing transactions through which businesses borrow funds to finance the acquisition of real and personal property. We will first cover the basic lending transaction, followed by an examination of the laws governing secured transactions by considering, in parallel, real property mortgages and personal property security interests under Article 9 of the Uniform Commercial Code. In doing so, we will consider the creation and perfection of liens, maintaining their perfection and the exercise of remedies following a borrower’s default. We will also consider other property financing techniques and issues such as operating, capital and leveraged leases, mezzanine and subordinated debt, personal property security interests outside the UCC and the impact on lending and borrowers of loan syndications and securitization. The course will not emphasize math, instead focusing on practical understandings and concepts involving the business and legal framework for financing real and personal property and the role of lawyers in such transactions.