Foreclosure of Loan, Creative Financing, and Sale of Building

Project Info

Project Description

The firm previously represented a partnership in foreclosure on a building. However, this representation was particularly difficult as the client was a junior lien holder and was responsible to the senior lien holder on a wraparound promissory note, which obligation was in dispute. The problem required the Orange County Superior Court to determine the amount due the senior lien holder. Once that was determined, the client obtained hard-money financing to take over the position of the senior lien holder, and then the client foreclosed on the property. Six months later, the property was sold to pay off the hard-money lender and to obtain at a substantial profit for the client.