CMBS Tranche Wars: The Next Wave of Zombie Real Estate
April 28, 2009
Remember how the residential real estate markets froze-up beginning in late 2007? Well, the same thing is now happening in commercial real estate. Read on…. Read the rest of this entry »
What’s A Receiver? Why You Should Know….
April 20, 2009
What is a receiver? A receiver is an agent of the state or federal court who typically takes possession and control of real estate or a business as a neutral third party pursuant to a court order. A receiver is frequently appointed at the request of a lender whose loan has gone into default in order to protect the lenders collateral.
Why should you know what a receiver is? Lenders are increasingly looking to receivers to take control of, complete and/or sell the commercial property securing their non-performing loans. This is particularly the case with new condominium and tract housing developments (especially those that have homeowners associations), since a receiver can effectively insulate lenders from the onerous long term construction defects liability and related consumer protection obligations that come with this type of real estate. Read the rest of this entry »
