PodcastPOWERSSeptember 30, 2026
How To Workout Distressed Real Estate Debt with Shlomo Chopp (#432)
Loan documents' hidden recourse and cash-trap clauses, not property fundamentals, now decide who survives a real estate workout.
- Post-2008 structure change: Securitization (RTC-era CMBS) replaced savings-and-loan fire sales with professional loan managers happy to hold cash flows at lower yields, delaying value realization.
- Documents got weaponized: Post-GFC loan docs (CMBS 2.0/3.0) added cash-management triggers, reporting deadlines, and recourse carve-outs that can flip a non-recourse loan to full recourse over a missed FedEx filing.
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Themes, sentiment and reasons are AI-written paraphrases, checked so they never quote an episode. They may contain errors. Not investment advice. Episodes remain the property of their creators.