The non-recourse loan
, in the amount of $3,800,000, is fixed at 4.
The bank was able to offer an out of state borrower with a non-recourse loan
due to tenants and leverage.
The proceeds of this $7MM, 65% loan-to-value non-recourse loan
were used by the borrower, A&M Hospitality, for the refinance of recourse, local bank renovation debt.
Under the US's non-recourse loan
system, homeowners who are no longer able to meet their mortgage obligations, can hand over their keys and walk away allowing the bank to sell the property.
The essence of a non-recourse loan
is that, upon the occurrence of a default by the borrower, the lender may look solely to the mortgaged property securing the debt.
2 million non-recourse loan
from Bear Stearns Commercial Mortgage Inc.
Bank of America Large Loan Trust 2009-FDG is a USD460m issue backed by a single, seven-year, fixed-rate non-recourse loan
to entities of Fortress Funds.
The seven-year non-recourse loan
is with a syndicate of 17 banks, including Banco Continental of Panama, Societe Generale, and Banco Nacional de Panama.
The Quebec government has submitted a proposal to provide a non-recourse loan
of about 25 per cent of the required amount, with another 25 per cent being sought from the federal government, and Globex contributing the remaining 50 per cent for the study.
Because it was what bankers and shelter promoters call a non-recourse loan
, McGovern himself is not liable for that extra $460,000 should the deal somehow go sour.
CBL also completed a ten-year non-recourse loan
with an insurance company secured by CBL Center I and II in Chattanooga, TN.
Department of Housing and Urban Development (HUD) loan, resulting in a 40 year, fixed-rate, fully amortizing, fully assumable, non-recourse loan