If you fail to make these payments default the bank can take legal action to recover the balance owed I’m with the Drummer shirt. The challenge for creditors comes when the collateral used to secure the loan isn’t sufficient to recover the balance owed. Seizing and liquidating assets is not attractive if it is done at a loss. I have seen investment groups use this to their advantage.
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In one example, a large private equity fund convinced lenders not to pursue legal remedies I’m with the Drummer shirt. Instead offered to sell the business and use the proceeds to pay off the remaining debt obligations owed to the lender. I had an opportunity to review the financials. There was no chance the business sold for more than the amount of debt remaining on the balance sheet.
However, the private equity group convinced the lenders to let them keep 10% of the sale proceeds anyway for their efforts. Generally, when this happens enough times lenders stop lending to the groups with a history of defaulting. For this reason, I might argue that while common for businesses. But in his career, debt has sometimes gotten the better of him, leading to at least four business bankruptcies.
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