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n. Illinois | I have seen in the commercial world where that is all they use (they almost never ask for the owner to be a co-borrower) all of the time the rich dude that signed the 100% unlimited guarantee etc as soon as you attempt to go after them personally the attorneys find that T you forgot to cross or the I that wasn't dotted properly and they get out of the personal guarantee. No one has ever defeated their own personal signature as a co-borrower on a note. The worse I have saw was the President of the bank who guaranteed the Bank stock loan beat us out of the personal guarantee. Everyone of those large commercial real estate deals is own by some legal entity with the owners guaranteeing some or all of it. Its the same thing Trump did on his real estate deals that went bad but the banks didn't require his personal guarantee. So he could just walk away from the asset since there was zero equity in the deal to begin with. | |
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There will be bank failures caused by commercial real estate losses
