PRACTICE AREAS

Mortgage Warehouse Line of Credit Workout

  • Client: Insurance company
  • Date: Jan 20, 2010
  • Location:

Summary:

Schiff Hardin represented an insurance company in connection with a workout of a mortgage warehouse line of credit in which the underlying loans pledged by the borrower were determined to be virtually worthless.

The restructure involved requiring:

  1. additional guarantees,
  2. a collateral mortgage encumbering townhomes under construction by an affiliate of the borrower with loan amortization based on sales of the townhomes, and
  3. pledges of other mortgage receivables.
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