#320 - Real Estate Real Talk: Personal Guarantees, Foreclosures, Bankruptcy, and Bouncing Back with Andrew Kirsh and Zack Streit

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 Andrew on Twitter Zack on Twitter SklarKirsh WAY Capital Topics: (00:00:00) Intro (00:01:42) Personal Guarantees (00:10:57) Personal vs. non-recourse loans (00:20:14) How lenders are treating covenants in today’s environment (00:25:03) Lookback periods (00:31:18) Capex Busts (00:33:41) Is the banker really my friend? (00:37:28) What to do when a loan goes bad (00:57:54) Deciding to foreclose when you have a personal guarantee (01:00:36) Filing for bankruptcy (01:09:46) Final Thoughts We'd appreciate you filling out our audience survey, so we can continuously work on providing relevant content to our listeners.  https://www.thefortpod.com/survey Chris on Social Media: Twitter: https://bit.ly/3BYIjcH LinkedIn: https://bit.ly/45gIkFd   Watch The Fort on YouTube: https://bit.ly/3oynxNX Visit our website: https://bit.ly/43SOvys Leave a review on Apple: https://bit.ly/45crFD0 Leave a review on Spotify: https://bit.ly/3Krl9jO  The FORT is produced by Johnny Podcasts