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Expert Analysis

A Look At The Expansion Of Nonrecourse Carveouts

By Cyril Derzie and Gina Garcia (January 25, 2019, 4:11 PM EST) -- The eighties gave us big hair, acid washed jeans, oversized shoulder pads and carveouts to the nonrecourse provisions of commercial real estate loans. At the outset of commercial real estate nonrecourse financings, if a borrower defaulted under a mortgage loan, the lender's primary remedy was essentially limited to foreclosing under the mortgage to satisfy the outstanding debt. If the property value was under water, lenders were stuck holding the bag and were forced to subsume any losses....

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