No one buys investment property with the expectation that it will underperform. Unfortunately, there are times when things do not go as planned. Failing to take action on an underperforming property can result in it falling into financial distress. This can result in liens, foreclosure, and even litigation. Retaining an experienced attorney can be an important step towards renegotiating terms, or reaching some other resolution, before it is too late. Vivid Niroula is an OKC commercial real estate lawyer who assists with finding solutions for distressed properties and problem deals. Contact our office today to schedule an initial consultation.
Real estate attorney assisting with renegotiating loans & contracts on underperforming Oklahoma properties
There are several situations in which a property may yield a lower cash flow than what was expected. These situations can include a delay in construction of a facility, rents being lower than anticipated, or other issues which have rendered the project non-viable. The problem with such situations is that loans and debt, which are secured by the property, must still be paid. Fortunately, when it comes to commercial property, lenders and other stakeholders may be willing to enter into forbearance agreements, renegotiate terms, or enter into some other type of solution. This is due to the fact that foreclosing on a commercial property is not always desirable, as it is not always easy to resell. In short, as long as a good-faith effort is being made, it may be possible to save a distressed property.
Vivid Niroula is a real estate attorney who is able to provide assistance with commercial properties that are underperforming. Vivid will use your initial consultation to review any necessary documents and to gain an understanding of your overall situation. While no two situations are the same, potential solutions with which our office can assist include:
- Negotiating a short-sale of the property
- Working to gain a forbearance of loan payments or otherwise renegotiating loan terms
- Working lenders and other stakeholders to reach an agreed upon resolution before litigation ensues
- Etc.
It is our role to find the best solution for your specific situation. This is why we will quickly become familiar with all aspects of your agreements, as well as any damage provisions they contain, so that we can be prepared to move your situation forward. We work to think “outside the box,” so solutions such as restructuring your business or ownership structure may not be off the table. Most importantly, we will be in regular contact with you and will be available to answer your questions. Contact us online or by telephone to schedule an initial consultation.
Attorney working to guide stakeholders through the process of dealing with distressed Oklahoma commercial real estate
It is often best for all parties involved for a distressed commercial property to be saved. This is why our attorney may proactively reach out to lenders and stakeholders to reach a collaborative deal which may be able to stabilize the property’s cash flow. Finding new sources of cash flow may include financing, or starting a joint real estate venture. If saving the property is not possible, we will contact all relevant parties and attempt to move the situation forward without litigation ensuing. If litigation over a commercial property is filed, we are able to assist in such situations.
In addition to Oklahoma City, we also assist individuals in Edmond, Norman, Mustang, Nichols Hills, Yukon, El Reno, Shawnee, Chandler, Stillwater, and throughout the rest of the state.
