Non-Recourse Loans. If a borrower takes out non-recourse commercial financing, they are not personally liable if they default on their loan. Instead, the lender may only repossess and sell the property in order to recoup their losses.
The difference between recourse and non-recourse loans is that in a non-recourse loan, if the borrower defaults (i.e., the IRA), the lender/issuer can seize only the collateral, which is usually the property purchased through the IRA. The underwriter of the non-recourse loan only uses the IRA’s ability to repay the loan back.
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Non-recourse loans have exceptions within the loan documents that essentially transfer personal liability to the Sponsor for certain "bad boy" behaviors. Or more specifically, there are personal guarantees required with non-recourse loans.
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The economic decline in the real estate market has forced many borrowers of commercial mortgage-backed securities loans into default situations, which, in the case of some borrowers with non-recourse.
Non-Recourse Financing. TowneBank Commercial Mortgage provides instant access to capital markets for commercial real estate. Under the leadership of David J. Beatty, President, over $1 billion in commercial income property mortgages have been funded through numerous capital market sources.
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. reports the launch of a new commercial real estate loan program geared for core commercial real estate properties across the nation. The new program offers qualified borrowers non-recourse loans.
Our commercial first mortgages have the non-recourse clause that you are looking for and may be well-suited for your current financing needs. What to Expect From a Non-Recourse Loan. Recourse is a common term in commercial lending, but it also is a term that some have confusion about.
Today I am announcing that Blackburne & Sons will make non-recourse commercial loans in any of the above situations. That being said, like almost all portfolio commercial lenders who survived the Great Recession, Blackburne & Sons will continue to require a personal guarantee on almost all other commercial loans.