Commercial Finance and Investment Banking
With over twenty-five years of financial advisory, investment banking, commercial and equipment lease, and asset-based lending experience serving both Fortune 100 and middle market companies, Lechner Law Group brings banking relationships with capital providers across multiple asset classes — and matches your specific financing needs with the most appropriate source. We have closed over 75 different financing transactions with specialized expertise in tax-structured finance and leasing across real estate, rail, and aircraft.
We understand the intricacies of structuring transactions in both debt and equity markets and deliver the dual advantage of legal documentation and CPA-level financial analysis under one roof.
Schedule a Consultation Call (708) 460-6686
Commercial Finance Services
Capital Formation & Debt Placement
We identify and negotiate with appropriate capital providers for growth financing, acquisition financing, refinancing, and recapitalization. Our relationships span bank lenders, insurance company investors, equipment finance companies, and private credit funds.
Tax-Structured Finance
Tax-advantaged financing structures — including leveraged leases, synthetic leases, and tax credit transactions — require both legal documentation and tax modeling to execute correctly. As both an attorney and CPA, Paul Lechner analyzes and documents the tax structure and the commercial terms of the transaction simultaneously.
Transactional Documentation
We draft and negotiate loan agreements, lease agreements, security agreements, guarantees, intercreditor agreements, and related closing documentation for commercial finance transactions. Our background in both law and accounting means we catch structural issues before they reach the closing table.
Debt Restructuring
When existing financing arrangements no longer fit the business — due to covenant breaches, maturity, rate changes, or strategic shifts — we advise on restructuring options including amendment and extension, refinancing, and out-of-court workouts with lenders.
Experience & Track Record
Paul Lechner has held senior financial and legal roles at KPMG LLP (Managing Director), GE Capital, CIT Group, Trinity Industries, Chicago Freight Car, and Newcourt Capital. His transactional experience spans over $500 million in equipment finance transactions, $4 billion in Big Ticket investment portfolio diligence for domestic institutional investors, and multiple cross-border advisory engagements for major UK-based financial institutions.
Selected transaction credits include ACF, Southern Pacific, Burlington Northern, Commonwealth Edison, Union Pacific Railroad, GATX, Cargill, CSX, Exxon, BC Hydro, Westinghouse, and others — across rail, aviation, power generation, and industrial equipment asset classes.
Frequently Asked Questions
What is a tax-structured lease and how does it differ from a standard equipment lease?
A tax-structured lease is designed so that the lessor (lender) retains ownership of the equipment for tax purposes and claims the tax benefits of ownership — primarily depreciation and, in older structures, investment tax credits. The lessee (borrower) obtains use of the equipment at a lower cost because the lessor passes through some of the tax savings in the form of a lower effective rate. Properly structured, these transactions must satisfy specific IRS guidelines on economic substance, residual value, and the lessor’s at-risk investment. Both the legal documentation and the tax analysis must be aligned to achieve the intended result — which is why having an attorney who is also a CPA matters for these transactions.
What is a sale-leaseback and when does it make sense?
In a sale-leaseback, a company sells an asset it owns — typically real estate or equipment — to an investor and simultaneously leases it back for continued use. The seller-lessee receives immediate cash proceeds (which can be used to pay down debt, fund operations, or reinvest in the business) while retaining use of the asset. The buyer-lessor receives a stream of lease income and the tax benefits of ownership. Sale-leasebacks can make sense when a company has significant capital tied up in depreciating assets, when capital is needed for growth, or when the after-tax cost of leasing is lower than the cost of ownership.
How does the attorney-CPA combination add value in commercial finance transactions?
Most commercial finance transactions require both legal documentation and financial modeling. The term sheet establishes the economic structure; the legal documents make it binding and enforceable; the tax analysis determines whether the structure achieves its intended benefits. When these three functions are handled by separate advisors who do not communicate with each other, structural errors are common and expensive. Paul Lechner handles legal documentation and tax analysis simultaneously, which reduces the coordination cost and the risk that the legal structure and the tax structure are working at cross-purposes.
Related Services
- Transportation Equipment Finance — rail and aviation equipment financing and advisory
- Financial Due Diligence — investment and transaction diligence services
- Corporate Law — entity structure and transactional documentation for business clients
- Tax Planning — tax-efficient transaction structuring and IRS matters
For more information contact Paul Lechner, Esq., CPA at (708) 460-6686 or schedule a consultation online.