Real Estate Attorney Scott Miller Quoted in New York Times Article: “Worried Lenders Pounce on Landlords Unable to Pay Their Loans”
Carlton Fields real estate Shareholder H. Scott Miller was quoted in a New York Times article, “Worried Lenders Pounce on Landlords Unable to Pay Their Loans,” on the trend of real estate investors taking property owners to court over missed interest payments.
The pandemic has thrust property owners into financial hardship, and many aren’t able to afford interest payments. Investors in the mezzanine finance market are showing impatience, and suing the property owners to protect their own financial interests during this difficult time.
Lawyers and lenders predict that these types of proceedings may become more common as the coronavirus continues.
“When this all started in March, the first reaction was this was temporary and let’s just see how this plays out,” said Miller. “But we’re getting to the point where people are saying, ‘How much longer can this continue?’ This just can’t be open-ended.”
