Anticipating CRE foreclosures, real estate lawyer offers group representation for borrowers
Dunn Carney real estate and business partner Coni Rathbone is developing group representation of Commercial Real Estate borrowers related to single lenders as the CRE industry struggles to withstand the financial impact of the Covid-19 epidemic.
According to Rathbone, who has successfully represented borrowers in workouts since 2008, a majority of commercial mortgages in the country are likely to default as commercial tenants are unable to pay their rent, leaving commercial borrowers unable to pay their mortgages.
Group representation creates maximum efficiency for the borrowers as it creates a more cost-effective, uniform solution for all instead of each borrower having to hire and pay for separate counsel.
“Our goal is to work for multiple borrowers related to a single lender or servicer’s portfolio,” explains Rathbone, who is working together with Portland attorney Tom Liber, CEO of 8558 Group, which focuses on designing and facilitating the resolution of loan relationships
Rathbone continues, “This consolidated representation will help the lenders and servicers by providing one point of contact for multiple borrowers, reducing the volume of communications that would result if every borrower were represented by their own separate counsel.”
Contact Coni Rathbone at firstname.lastname@example.org.