How to Navigate the Process of Defaulted Loans

When these loans go into default, they tend to accrue interest at very high rates, typically 24%. And we enforce the collection of those rates. After the global financial crisis, almost every single bank in New York City changed their default rate of interest in their loan documents to 24%. What is legal expense as a line item in your P&L? How high is it up on the list of your costs? Yeah, this is another differentiating factor, right? If you are a tourist in the distressed debt space, just kind of coming in to pick up a loan and you don't really know exactly who to call to do the legal work. You could get into easily the hundreds of