How to Deal With a Lender Who's Got to Sell the Loan

The key to distress is recognizing that everything for the moment has reprised. It's not the same price of who can afford to pay to recognize that price change. There is very often, whether it's office or multi-family, that it may well be that you're dealing simply with a lender who's got to sell the loan. That fellow may come to us for preferred equity or some sort of a restructuring.