In Florida, lenders typically obtain an “assignment of rents” if the property produces income by collecting rent, such as an apartment complex, rental home, rental space, or office building. An “assignment of rents” allows the lender to collect the rent payments, if the borrower defaults on their loan payments. Although […]
When underwriting and servicing SBA loans, it is important for lenders and CDCs to ensure appropriate insurance coverages are in place to protect the collateral. The SBA does require some types of insurance coverages to be in place on all loans. However, it is the responsibility of lenders and CDCs […]
This series has provided a high-level overview of various options and considerations available to lenders during the current uncertainty surrounding lending in the hospitality industry. It is without question that lending institutions will see significant changes as a result of COVID-19 and with the incoming presidential administration. The first-half of […]
In response to the mortgage foreclosure crisis, the Supreme Court of Florida established a statewide mandatory mediation program for residential mortgage foreclosures. Due to the mandatory mediation program being largely unsuccessful, the Supreme Court of Florida terminated the program on December 19, 2011. However, lenders should be aware that judges […]
Subcontractors are often stuck in a situation where the general contractor refuses to pay them because the general contractor has not been paid by the owner. In support of their refusal to pay, general contractors may rely on a “pay-if-paid” provision in the subcontract. Due to the risk of nonpayment, […]
In traditional lending and loan servicing, it is commonplace for loans to be assumed, assigned, or sold. Most lenders are likely familiar with these servicing actions, and many lenders have their own requirements and procedures for handling each of them. However, when servicing a Small Business Association (“SBA”) loan, lenders […]
On February 9, 2021, Partner Hans. C Wahl will present Community Association Board Member Certification Course, a webinar for the Communications Associations Industry. This is a DBPR-approved educational program designed for association board officers and directors. The course will help participants understand how effective associations can and should functions, as well as how to become a more effective member of the team.
The first half of this series evaluated options available to lenders prior to instituting a commercial foreclosure action. The second-half of this series has evaluated available options to lenders during the pendency of the foreclosure action. Since there are additional considerations for lenders dealing with lending to hotels, restaurants and […]
Jimerson Birr makes business to business debt collection easier than it normally is. They are effective because they are diligent, organized and aggressive. They are aware that a proactive and sensitive approach often yields the best result. They often secure payment in an agreeable manner, without putting a strain on […]
In my entire career, I’ve never seen as convoluted as a case as my last one with Jimerson Birr. This case had everything. With each twist and turn, Jimerson Birr remained calm and steady. They put together a strategy from the beginning that worked. Even things that we couldn’t have […]