Loan Workouts; Nipping it in the Bud
About two decades ago the acclaimed and prolific novelist, Tom Wolfe, came out with the book, A Man In Full. The novel was about a fictional developer who owned many high-rise buildings and office parks in the metropolitan Atlanta area. One of the problems this character faced was that he was failing to make his required periodic loan payments to some of the banks which financed his many projects. A good part of the narrative revolves around the interplay between certain bank executives and this business leader.
The story illustrated that even one of the most powerful tycoons in the region had to face the realities of a potential loan default. While the novel rendered the story dramatically as a clash between different ego-driven characters, the process of loan workouts is commonplace, albeit not always involving such large debt amounts. In the wake of the financial crisis, the need for loan workouts has increased.
At Giddens & Gatton Law, P.C., our attorneys handle loan workouts for owners of various types of businesses, including the following:
- Office buildings
- Multifamily residences
- Hotels and entertainment venues
- Industrial parks or properties
- Manufacturing and arehouse facilities
- Restaurants and other retail buildings
- Healthcare facilities
Our experienced lawyers help clients determine what kind of loan modification is warranted, develop a loan package to offer to the lender and then negotiate with the bank or other creditor to help clients avoid default. We seek to obtain a resolution which fits each client’s specific needs and takes account of their future prospects.
Giddens & Gatton Law, P.C. is located at 10400 Academy Road N.E., Suite 350 in Albuquerque, New Mexico. Call the office at (505) 633-6298 to set up an appointment or visit the firm’s website at giddenslaw.com for more information.