Bankruptcy
Jun. 8, 2012
Non-recourse lending may become recourse for more than ‘bad boys’
Be wary of springing recourse liability for commercial mortgage-backed securities. By Richard J. Reynolds
For more than a decade, many owners of commercial properties obtained loans known as Commercial Mortgage-Backed Securities (CMBS) to obtain financing for their properties. A significant number of these loans were five-year loans, and many are coming due in 2012 and 2013 unless extended.
As with many areas of real estate or other securities backed financing, certain terms became standard in many loan agreements. In order to offer w...
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