Look ahead. Prepare. Be ready to handle the complex issues relating to troubled commercial real estate loans before they arise.
A Guide to Troubled Commercial Real Estate Loans for Lenders and Borrowers provides a roadmap to the complex process of dealing with commercial real estate loans facing distress or default. Written by Joshua Stein, one of the foremost practitioners of commercial mortgage law in the country, it is full of expert strategy, practical tips, and warnings for lenders, borrowers, and their counsel. Use this guide to look ahead and prepare for events and issues relating to troubled loans before it is too late. Inside you'll find the coverage you need of:
- The perils of email
- What questions to ask
- Due diligence, from the lender's and the borrowers points of view
- Lender's first dozen steps to "prepare for battle"
- Lender liability
- Preworkout and standstill agreements
- Negotiating brief extensions
- Common workout structures
- Concessions to lender: deal terms
- Concessions to lender: security package
- Structuring today's workout with an eye on tomorrow's distress
- Resolving the loan (ending the borrower-lender relationship)
- Lender rights and remedies
- Bankruptcy
- Transfer of loan
You'll also find expert coverage of:
- Basic Borrower/Lender Start-Up Checklist
- More Questions Lender's Counsel Might Ask
- Sample Pre-Workout Letter Agreement, with author's comments and optional provisions
Why This Guide Now?
Scope of This Guide
1. Ground Rule: Beware What You Write in Case You Must Fight (Think About Email)
2. Lender's Overall Strategy; Some Preliminary Questions to Answer
3. Borrower's Overall Strategy; Some Preliminary Questions to Answer
4. Multiple Lenders
5. Lender's Due Diligence About the Property
6. Lender's Due Diligence About Loan and Borrower
7. Borrower's View of Lender's Due Diligence
8. Preparing for Battle: Lender's First Dozen Steps
9. Lender Liability
10. Preworkout and Standstill Agreements
11. Negotiated Brief Extension
12. Common Workout Structures
13. Concessions to Lender: Deal Terms
14. Concessions to Lender: Security Package
15. Planning Ahead for the Next Default
16. Resolving the Loan (Ending the Borrower-Lender Relationship)
17. Lender Rights and Remedies
18. Bankruptcy
19. You Bought It; Now You Own It
20. Transfer of Loan
21. Basic Borrower/Lender Start-Up Checklist
22. More Questions Lender's Counsel Might Ask
Joshua Stein
Author of the new Guide to Troubled Commercial Real Estate Loans for Lenders and Borrowers, published by LexisNexis
Joshua Stein practices commercial real estate law under the firm name of Joshua Stein PLLC, which he established in August 2010 after 20+ years as a real estate partner with a global law firm. He is a member of the American College of Real Estate Lawyers. He represents lenders, borrowers, landlords, and other parties in real estate transactions and disputes, particularly defaulted loans on office buildings, retail, and hotel projects. He has served as a court - appointed receiver; handled New York foreclosures and bankruptcy matters in the Southern District of New York; and negotiated and closed numerous workouts and restructurings.
He has also closed a wide range of real estate transactions and has developed over 1000 model documents for commercial real estate practice, emphasizing distressed properties, development, finance, leasing, and hotels.
Mr. Stein's name regularly appears in published lists of the leading real estate lawyers in the United States and the world. The "Chambers" guides have identified him as one of about 20 leaders of the New York commercial real estate bar. In October 2009, "Super Lawyers" again included him in a list of the top 100 lawyers in New York City, across all practice areas, not limited to real property law.
Mr. Stein has published more than 200 articles on real estate law and related topics, as well as dozens of legal outlines, model documents, and other continuing legal education materials for commercial real estate lawyers. Many of his published articles have been updated, expanded and integrated into several books, including the LexisNexis book Stein on New York Commercial Mortgage Transactions. One of those articles won an award for clarity in legal writing, and another was cited in 2010 by Judge Richard Posner in a real estate decision of the Seventh Circuit United States Court of Appeals.
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