Artem Tepler sadly passed away on November 2nd, 2023. He visited me in Fort Worth and I'll never forget it. He was funny, and kind, and had a servant's heart. His story was infectious. I know he loved his daughter more than anything. That made up most of our conversation at lunch. Pray for Artem and his family. If you're able to give, there is a GoFundMe set up for his daughter, which can be found here: https://www.gofundme.com/f/artem-tepler
On this episode I am joined by Andrew Kirsh and Zack Streit. Andrew is an experienced commercial real estate transactional attorney, whose clientele includes a broad spectrum of national, regional and local investors, funds, developers, operators, syndicators, private equity providers, and lenders. Andrew’s practice involves all aspects of the real estate industry, including acquisitions, dispositions, equity investments, syndications, fund formation, development, leasing, financing, note purchases, and foreclosures.
Zack has 15 years of multifaceted commercial real estate investment and advisory experience, including as an equity capital provider, a debt capital provider, and a capital advisor. His 8 years of institutional principal investment experience laid the foundation for a career as a capital advisor, where he has co-founded a capital advisory platform and closed billions of dollars in commercial real estate ventures.
We discuss:
- Personal Guarantees
- Personal vs. Non-recourse loans
- What to do when a deal and loan goes bad
- Foreclosing on a personal guarantee
- Filing for bankruptcy
Links:
GoFundMe for Artem's daughter: https://www.gofundme.com/f/artem-tepler
Andrew on Twitter: https://twitter.com/atkirsh
Zack on Twitter: https://twitter.com/ZackDStreit
SklarKirsh: https://www.sklarkirsh.com/
WAY Capital: https://www.waycapital.com/
Topics:
00:00:00 - Intro
00:01:46 - Personal Guarantees
00:11:17 - Personal vs. non-recourse loans
00:21:09 - How lenders are treating covenants in today’s environment
00:26:07 - Lookback periods
00:32:40 - Capex Busts
00:35:12 - Is the banker really my friend?
00:39:06 - What to do when a loan goes bad
01:00:19 - Deciding to foreclose when you have a personal guarantee
01:03:12 - Filing for bankruptcy
01:12:40 - Final Thoughts
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