$6.5M
Business Law
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Case Details
K.S.R. v. Bank of America, Jacksonville, Florida. A retail center in a marginal area began to lose tenants, and cash flow decreased to the point where loan payments could not be supported and eventually stopped. The lender, Bank of America, did not want to work with the borrower and called for a default and threatened a foreclosure action. The borrower threatened to file for bankruptcy, which resulted in a stalemate.
Additional Notes
Negotiations carried on for more than eighteen months, but ultimately the owner was able to secure several new leases that made future cash flow more predictable and the financing more sustainable. The parties were able to renegotiate the loan terms with a reduction of the interest rate, waiver of delinquent interest, late fees, and attorney’s fees.