Complete Monetary Recovery on Defaulted Loan Facilitated by Mike Moriarty and Rob Wilk
Mike Moriarty (Partner, New York) and Rob Wilk (Associate, New York), representing a national financial institution, assisted in obtaining the swift payment-in-full to our client of an $8.9 million matured loan in default. The loan was secured by a mortgage which covered property improved by a high-rise apartment building in the New York metropolitan area containing over two hundred residential units, including subsidized housing. The borrower defaulted in paying the unpaid principal balance on the maturity date. Payment to our client included all sums due under the loan documents for principal, contract rate interest, default rate interest, and expenses. We made this possible within a short time frame and without adding unwarranted costs to the transaction, by providing advice and counsel to our client, and through effective negotiations with the borrower's attorney.
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