Any Commercial RealEstate Loan Brokers/Bankers?

[Boomyal]

Question: Are their any rules or regulations that regulate a bank selling off an existing loan?

I would like to propose to a bank that they sell us a certain loan. The details of this situation are more than I want to go into here. Suffice it to say, if the loan goes into default, we want to be in control of what happens next.

 

[Tail_Gunner]

Re: Any Commercial RealEstate Loan Brokers/Bankers?

No not possible the note is a investment vehicle the bank owns...They can do with as they plz, However as long as one performs to the terms of the contract nothing can be changed but it can be sold or transfered

 

[Boomyal]

Re: Any Commercial RealEstate Loan Brokers/Bankers?

....but it can be sold or transfered....

My, look who pops out of the woodwork!

...Sold or transferred was precisely my question.

 

[aspeck]

Re: Any Commercial RealEstate Loan Brokers/Bankers?

Yes, it is possible ... especially if it is a loan that is going into default.

If you want to restructure the loan, and it is headed to default, you may want to just offer to pay off the loan through a "short sale" then make the bank an offer on the property at below loan value. if they take the sale, then you own the property and can restructure the existing debt with the person that has the possession so they can afford to make the payments.

 

[Boomyal]

Re: Any Commercial RealEstate Loan Brokers/Bankers?

Yes, it is possible ... especially if it is a loan that is going into default.

If you want to restructure the loan, and it is headed to default, you may want to just offer to pay off the loan through a "short sale" then make the bank an offer on the property at below loan value. if they take the sale, then you own the property and can restructure the existing debt with the person that has the possession so they can afford to make the payments.

Good info aspeck. My wife is looking for ways to wrest control of a piece of property from a family partnership that she and 4 other cousins inherited. The mortgage, which is paid from rents, has just been refinanced by the 'managing partner', to lower the monthly payments. The managing partner is also the tenant. He has a triple net lease but has not paid any rent, in excess of the mortgage payment, for two and a half years. He has also been late on the property tax payments which the bank made the Partnership borrow to bring them current (as of last Dec) He is apparently late again.

The other three girl cousins will do nothing to oust him. There is virtually no communication between them and the managing partner/tenant just does what he wants. The Partnership agreement, that they inherited, gives him carte blanche and the agreement allows only one vote per person regardless of their percentage of ownership. Originally, there were only three partners. The father and Uncle owned 43% each and the minor but managing partner/tenant owned 12.5%. The father and uncle could have easily outvoted the minor partner but this setup does not work with 4 other partners who do not care.

Our thoughts are for my wife to offer to buy the loan from the bank. If they will sell, then if there is a default on the loan, she can foreclose and wrest control of the property from the other partners who show no inclination to treat this as a business.

 

[Tail_Gunner]

Re: Any Commercial RealEstate Loan Brokers/Bankers?

Good info aspeck. My wife is looking for ways to wrest control of a piece of property from a family partnership that she and 4 other cousins inherited. The mortgage, which is paid from rents, has just been refinanced by the 'managing partner', to lower the monthly payments. The managing partner is also the tenant. He has a triple net lease but has not paid any rent, in excess of the mortgage payment, for two and a half years. He has also been late on the property tax payments which the bank made the Partnership borrow to bring them current (as of last Dec) He is apparently late again.

The other three girl cousins will do nothing to oust him. There is virtually no communication between them and the managing partner/tenant just does what he wants. The Partnership agreement, that they inherited, gives him carte blanche and the agreement allows only one vote per person regardless of their percentage of ownership. Originally, there were only three partners. The father and Uncle owned 43% each and the minor but managing partner/tenant owned 12.5%. The father and uncle could have easily outvoted the minor partner but this setup does not work with 4 other partners who do not care.

Our thoughts are for my wife to offer to buy the loan from the bank. If they will sell, then if there is a default on the loan, she can foreclose and wrest control of the property from the other partners who show no inclination to treat this as a business.

Contracts within contracts...Nice little web your in....Can you buy out the silent partners giving you the majority....Can you prove the tentant is damgaging your positon..Sounds like a person living on the edge...You could always make him very uncomfotable in his current life style..Just get nosey...=O

 

[Boomyal]

Re: Any Commercial RealEstate Loan Brokers/Bankers?

Contracts within contracts...Nice little web your in....Can you buy out the silent partners giving you the majority....Can you prove the tentant is damgaging your positon..Sounds like a person living on the edge...You could always make him very uncomfotable in his current life style..Just get nosey...=O

According to the inherited Partnership Agreement. It is one partner, one vote. There are 5 partners. Even if she bought out three of them, that would leave a one to one vote and not give her any advantage.

This is million dollar plus property with a small remaining mortgage.(that is in jeopardy) She would have to buy them all out which would mean taking out a large mortgage for which there are no current rents to pay from. This is why there was hope, in the event of the tenant defaulting on his partial rent payments, that if she owned the mortgage (which she could afford) she could force the sale of the property that the other partners otherwise would not agree to.

This was a horrible Partnership Agreement to leave to the heirs. It was suitable enough for the original partners (two brothers and a minor partner, the nephew/tenant/ managing partner) The two brothers always saw eye to eye and would have had the majority votes to keep the nephew/tenant (now cousin/tenant/managing partner) from carrying on as he is. When the first brother died, he passed his 43.25% to 2 daughters.(my wife and sister in law) When the second brother died, he passed his 43.25% to his 3 daughters. That of course left the remaining 12.5% that is owned by the male cousin from a 3rd uninvolved brother/nephew/tenant/managing partner.

Subsequently my sister in law, being fed up with the inaction from all the other three girl cousins, gave her share to her sister, my wife. She now owns 43.25% (the biggest share) but it does her no good in terms of voting power.

 

[Tail_Gunner]

Re: Any Commercial RealEstate Loan Brokers/Bankers?

Boom come one....As part of the buying out process it also includes voting rights......And that can be legally documented..you need a attourney. Dont think so...Just make it a part of the contract when buying out the partner...If they do not perform on the terms then the money is forfieted back to your wife.....They will perform

 

[aspeck]

Re: Any Commercial RealEstate Loan Brokers/Bankers?

Tail Gunner is right on this. You need an attorney to really look at this and break it down. Your wife should have more than one vote. She is one up on the game right now ... Might be able to resolve this without having to buy the mortgage.

 

[joed]

Re: Any Commercial RealEstate Loan Brokers/Bankers?

Sell your wifes sisters share to yourself. Then the two of you have two votes.