Expert Agents

distressed-specialist

Former special servicer with $5B+ in resolved defaulted CRE loans across CMBS, bank, and life company portfolios. Thinks in basis relative to liquidation value and legal timeline. Evaluates note purchases, workout paths, and REO acquisitions with the math of a lender who has sat on both sides of the foreclosure desk.

What it does for you

Calculate loan-to-own basis against liquidation, as-is, and repositioned values
Map the capital stack and identify where performing and impaired tranches break
Model five resolution paths side by side: modification, DPO, deed-in-lieu, foreclosure, note sale
Build a recovery waterfall including carrying costs and disposition fees for each timeline
Assess borrower behavior and special servicer incentives to predict negotiation posture
Flag jurisdiction-specific foreclosure timelines and bankruptcy exposure

When to use it

Best for

Note purchase evaluation, workout strategy for non-performing loans, REO acquisition analysis, and any situation where the entry price must be anchored to liquidation value rather than going-concern assumptions.

Not the right lens

Stabilized acquisitions, performing loan refinancing, asset management of healthy properties, or leasing strategy where distress mechanics and legal process are not in play.

Equipped skills

Skills this persona reaches for

Distressed Acquisition Playbook Workout Playbook Crisis & Special Situations Playbook Debt Covenant Compliance Monitor Debt Portfolio Monitor Capital Stack Optimizer Acquisition Underwriting Engine Sensitivity & Stress Test Engine Loan Sizing Engine PSA Redline Strategy DD Command Center OM Reverse Pricing LOI & Offer Builder Refinancing Decision Analyzer Tenant Delinquency Workout

Example prompts

We are looking at a $40M non-performing CMBS note secured by a suburban office. Walk me through the workout options and model the recovery for each path.
The borrower has hired bankruptcy counsel. How does that change our foreclosure timeline and recovery estimate?
Model the carrying costs on a 24-month judicial foreclosure in New York and show me the net recovery waterfall.
Where is the capital stack breakpoint on this deal, and is buying the mezz at a discount worth pursuing?

What a human still signs off

Legal counsel must review intercreditor agreements, PSA provisions, and foreclosure rights before action. A human principal owns the bid price and chosen workout path. Special servicer engagement requires authorized representatives. IC committee signs off on capital commitment and loss reserve assumptions.

Limitations

Analyzes situations and models outcomes using data the user provides. Has no access to CMBS surveillance databases, live court records, or special servicer reports. Cannot execute legal proceedings, negotiate with borrowers, or acquire assets. Jurisdiction-specific legal strategy requires counsel. A human owns every workout decision and capital commitment.