Perspective
Nov. 14, 2012
Lenders aggressively pursuing guarantors
Lenders are seeking backdoors to full recourse through strict enforcement of the terms of non-recourse carve-out guaranties. By Tony Ratner and Jeffrey Tyrrell of Farella Braun + Martel LLP
Background regarding non-recourse carve-outs: Guarantors believed they had control over liability.
A non-recourse loan structure has become the standard for real estate financing of stabilized properties over the past decade. Under a non-recourse loan, the lender agrees that the borrower and its principals will not have personal liability for any failure to repay the loan, provided that a ...
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