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| There is a chance it could play out that way.
Interesting you mention guarantees. I use them for father / son and little else. They can be hard to enforce but I've never had to go there actually. I'd be interested in if these CREs use them and actually rely on them or cross collateralize with other equity. On LLCs I make the owner sign as member and personally, sometimes with extra owned collateral depending on the deal.
I tell people your LLC will not be beneficial to mitigating liability on this debt. Never had anyone care. People around here actually do intend to pay their debts in my experience. They do LLCs here for other liability protections, not creditors. | |
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There will be bank failures caused by commercial real estate losses
