In the News

Lenders and borrowers tussle over personal guarantees on distressed deals

February 4, 2025

Author

Zev D. Gewurz​​​​‌‍​‍​‍‌‍‌​‍‌‍‍‌‌‍‌‌‍‍‌‌‍‍​‍​‍​‍‍​‍​‍‌​‌‍​‌‌‍‍‌‍‍‌‌‌​‌‍‌​‍‍‌‍‍‌‌‍​‍​‍​‍​​‍​‍‌‍‍​‌​‍‌‍‌‌‌‍‌‍​‍​‍​‍‍​‍​‍‌‍‍​‌‌​‌‌​‌​​‌​​‍‍​‍​‍‌‍​‌‍‌‌​​‍‍‌‍‌‌‍‌‌‌‌‍​‌​‌‌​‌‍‌‍‍‌​‌‌​‌‍‌​‍‌​‍‌​​‍‍‌‍​‌‍‌‍‌​‍‌‍‍‌‌‍‍‌‌​‌‍‌‌‌‍‍‌‌​​‍‌‍‌‌‌‍‌​‌‍‍‌‌‌​​‍‌‍‌‌‍‌‍‌​‌‍‌‌​‌‌​​‌​‍‌‍‌‌‌​‌‍‌‌‌‍‍‌‌​‌‍​‌‌‌​‌‍‍‌‌‍‌‍‍​‍‌‍‍‌‌‍‌​​‌​‍‌‌‍​‌​​‍​‍‌‌‍​‌​‌‌‍​‍‌‍​​‍‌​‌‍‌‍‌​‌‍​‌​​‍​‍‌​‌​​‌‍​‍‌​‌‌​‍‌​‍‌​‍​‌‍​‌​​‍​‍‌​‌​​‌‌‍‌‌​​​‌‍‌‍​‌​‌‍​‌​​‌​‌‌​​‌‍​‌‌‍‌‍​‍‌‌​‌‍‌‌​​‌‍‌‌​‌‌​​‌‍‌‌‌​‍‌​‌‍‌‍‍​‍‌​​‌‍​‌‌‌​‌‍‍​​‌‌‍‌‍‌‌‌‌‍​‌‍​‌‍‍‌‍​‌‌‍‌‌‍‌‌​‌‍​‍‌‍​‌‌​‌‍‌‌‌‌‌‌‌​‍‌‍​​‌‌‍‍​‌‌​‌‌​‌​​‌​​‍‌‌​​‌​​‌​‍‌‌​​‍‌​‌‍​‍‌‌​​‍‌​‌‍‌‍​‌‍‌‌​​‍‍‌‍‌‌‍‌‌‌‌‍​‌​‌‌​‌‍‌‍‍‌​‌‌​‌‍‌​‍‌​‍‌​​‍‍‌‍​‌‍‌‍‌​‍‌‍‌‍‍‌‌‍‌​​‌​‍‌‌‍​‌​​‍​‍‌‌‍​‌​‌‌‍​‍‌‍​​‍‌​‌‍‌‍‌​‌‍​‌​​‍​‍‌​‌​​‌‍​‍‌​‌‌​‍‌​‍‌​‍​‌‍​‌​​‍​‍‌​‌​​‌‌‍‌‌​​​‌‍‌‍​‌​‌‍​‌​​‌​‌‌​​‌‍​‌‌‍‌‍​‍‌‍‌‌​‌‍‌‌​​‌‍‌‌​‌‌​​‌‍‌‌‌​‍‌​‌‍‌‍‍​‍‌‍‌​​‌‍​‌‌‌​‌‍‍​​‌‌‍‌‍‌‌‌‌‍​‌‍​‌‍‍‌‍​‌‌‍‌‌‍‌‌​‍‌‍‌​​‌‍‌‌‌​‍‌​‌​​‌‍‌‌‌‍​‌‌​‌‍‍‌‌‌‍‌‍‌‌​‌‌​​‌‌‌‌‍​‍‌‍​‌‍‍‌‌​‌‍‍​‌‍‌‌‌‍‌​​‍​‍‌‌

Director​​​​‌‍​‍​‍‌‍‌​‍‌‍‍‌‌‍‌‌‍‍‌‌‍‍​‍​‍​‍‍​‍​‍‌​‌‍​‌‌‍‍‌‍‍‌‌‌​‌‍‌​‍‍‌‍‍‌‌‍​‍​‍​‍​​‍​‍‌‍‍​‌​‍‌‍‌‌‌‍‌‍​‍​‍​‍‍​‍​‍‌‍‍​‌‌​‌‌​‌​​‌​​‍‍​‍​‍‌‍​‌‍‌‌​​‍‍‌‍‌‌‍‌‌‌‌‍​‌​‌‌​‌‍‌‍‍‌​‌‌​‌‍‌​‍‌​‍‌​​‍‍‌‍​‌‍‌‍‌​‍‌‍‍‌‌‍‍‌‌​‌‍‌‌‌‍‍‌‌​​‍‌‍‌‌‌‍‌​‌‍‍‌‌‌​​‍‌‍‌‌‍‌‍‌​‌‍‌‌​‌‌​​‌​‍‌‍‌‌‌​‌‍‌‌‌‍‍‌‌​‌‍​‌‌‌​‌‍‍‌‌‍‌‍‍​‍‌‍‍‌‌‍‌​​‌​‌​‌‍​‌‌‍​‌‌‍‌​‌‍‌‌‌‍​‌‌‍‌‌‌‍​​‍‌​‌​​‍‌​​‌‌‍​‌​‍‌​‌​​​‍‌‍​‌‌‍‌‍​‍‌​‍‌‌‍​‌‌‍‌​‌‍​​‍‌​‌​‌‍‌‍​​​​​‌‍‌‍​‍‌​‍​‌‍​​‌‌​​​‌‍​‌‌‍‌‍​‍‌‌​‌‍‌‌​​‌‍‌‌​‌‌‍‍‍‌‍‌‍​‍‌‌‌​‌‍‍‌‌‌​‌‍​‌‍‌‌​‍‌​​‌‍​‌‌‌​‌‍‍​​‌‌‌​‌‍‍‌‌‌​‌‍​‌‍‌‌​‌‍​‍‌‍​‌‌​‌‍‌‌‌‌‌‌‌​‍‌‍​​‌‌‍‍​‌‌​‌‌​‌​​‌​​‍‌‌​​‌​​‌​‍‌‌​​‍‌​‌‍​‍‌‌​​‍‌​‌‍‌‍​‌‍‌‌​​‍‍‌‍‌‌‍‌‌‌‌‍​‌​‌‌​‌‍‌‍‍‌​‌‌​‌‍‌​‍‌​‍‌​​‍‍‌‍​‌‍‌‍‌​‍‌‍‌‍‍‌‌‍‌​​‌​‌​‌‍​‌‌‍​‌‌‍‌​‌‍‌‌‌‍​‌‌‍‌‌‌‍​​‍‌​‌​​‍‌​​‌‌‍​‌​‍‌​‌​​​‍‌‍​‌‌‍‌‍​‍‌​‍‌‌‍​‌‌‍‌​‌‍​​‍‌​‌​‌‍‌‍​​​​​‌‍‌‍​‍‌​‍​‌‍​​‌‌​​​‌‍​‌‌‍‌‍​‍‌‍‌‌​‌‍‌‌​​‌‍‌‌​‌‌‍‍‍‌‍‌‍​‍‌‌‌​‌‍‍‌‌‌​‌‍​‌‍‌‌​‍‌‍‌​​‌‍​‌‌‌​‌‍‍​​‌‌‌​‌‍‍‌‌‌​‌‍​‌‍‌‌​‍‌‍‌​​‌‍‌‌‌​‍‌​‌​​‌‍‌‌‌‍​‌‌​‌‍‍‌‌‌‍‌‍‌‌​‌‌​​‌‌‌‌‍​‍‌‍​‌‍‍‌‌​‌‍‍​‌‍‌‌‌‍‌​​‍​‍‌‌, Boston​​​​‌‍​‍​‍‌‍‌​‍‌‍‍‌‌‍‌‌‍‍‌‌‍‍​‍​‍​‍‍​‍​‍‌​‌‍​‌‌‍‍‌‍‍‌‌‌​‌‍‌​‍‍‌‍‍‌‌‍​‍​‍​‍​​‍​‍‌‍‍​‌​‍‌‍‌‌‌‍‌‍​‍​‍​‍‍​‍​‍‌‍‍​‌‌​‌‌​‌​​‌​​‍‍​‍​‍‌‍​‌‍‌‌​​‍‍‌‍‌‌‍‌‌‌‌‍​‌​‌‌​‌‍‌‍‍‌​‌‌​‌‍‌​‍‌​‍‌​​‍‍‌‍​‌‍‌‍‌​‍‌‍‍‌‌‍‍‌‌​‌‍‌‌‌‍‍‌‌​​‍‌‍‌‌‌‍‌​‌‍‍‌‌‌​​‍‌‍‌‌‍‌‍‌​‌‍‌‌​‌‌​​‌​‍‌‍‌‌‌​‌‍‌‌‌‍‍‌‌​‌‍​‌‌‌​‌‍‍‌‌‍‌‍‍​‍‌‍‍‌‌‍‌​​‌‌‍‌‍​​‌‍​‍​‍​‌‍‌​‌‍‌​​‌​‌‍​‍​‍‌​‍​​‌‍​​​‍​​‍‌​‌​​‌‌​‌‌‍‌‌​‍‌​‍​​​​‌‍​​‍​​‍‌‌‍​‍‌‍​‍​‌​​‍‌​​​​​​‍‌​​​‌​​‌​​​‌​‌‍​‍‌‌​‌‍‌‌​​‌‍‌‌​‌‌‍​‌‍‌‍​‌‍​‌‌‌​‌‍‍‌‌‍‌‍‍​‍‌​​‌‍​‌‌‌​‌‍‍​​‌‌‌​‌‍‍‌‌‌​‌‍​‌‍‌‌​‌‍​‍‌‍​‌‌​‌‍‌‌‌‌‌‌‌​‍‌‍​​‌‌‍‍​‌‌​‌‌​‌​​‌​​‍‌‌​​‌​​‌​‍‌‌​​‍‌​‌‍​‍‌‌​​‍‌​‌‍‌‍​‌‍‌‌​​‍‍‌‍‌‌‍‌‌‌‌‍​‌​‌‌​‌‍‌‍‍‌​‌‌​‌‍‌​‍‌​‍‌​​‍‍‌‍​‌‍‌‍‌​‍‌‍‌‍‍‌‌‍‌​​‌‌‍‌‍​​‌‍​‍​‍​‌‍‌​‌‍‌​​‌​‌‍​‍​‍‌​‍​​‌‍​​​‍​​‍‌​‌​​‌‌​‌‌‍‌‌​‍‌​‍​​​​‌‍​​‍​​‍‌‌‍​‍‌‍​‍​‌​​‍‌​​​​​​‍‌​​​‌​​‌​​​‌​‌‍​‍‌‍‌‌​‌‍‌‌​​‌‍‌‌​‌‌‍​‌‍‌‍​‌‍​‌‌‌​‌‍‍‌‌‍‌‍‍​‍‌‍‌​​‌‍​‌‌‌​‌‍‍​​‌‌‌​‌‍‍‌‌‌​‌‍​‌‍‌‌​‍‌‍‌​​‌‍‌‌‌​‍‌​‌​​‌‍‌‌‌‍​‌‌​‌‍‍‌‌‌‍‌‍‌‌​‌‌​​‌‌‌‌‍​‍‌‍​‌‍‍‌‌​‌‍‍​‌‍‌‌‌‍‌​​‍​‍‌‌

zgewurz@goulstonstorrs.com+1 617 574 4086​​​​‌‍​‍​‍‌‍‌​‍‌‍‍‌‌‍‌‌‍‍‌‌‍‍​‍​‍​‍‍​‍​‍‌​‌‍​‌‌‍‍‌‍‍‌‌‌​‌‍‌​‍‍‌‍‍‌‌‍​‍​‍​‍​​‍​‍‌‍‍​‌​‍‌‍‌‌‌‍‌‍​‍​‍​‍‍​‍​‍‌‍‍​‌‌​‌‌​‌​​‌​​‍‍​‍​‍‌‍​‌‍‌‌​​‍‍‌‍‌‌‍‌‌‌‌‍​‌​‌‌​‌‍‌‍‍‌​‌‌​‌‍‌​‍‌​‍‌​​‍‍‌‍​‌‍‌‍‌​‍‌‍‍‌‌‍‍‌‌​‌‍‌‌‌‍‍‌‌​​‍‌‍‌‌‌‍‌​‌‍‍‌‌‌​​‍‌‍‌‌‍‌‍‌​‌‍‌‌​‌‌​​‌​‍‌‍‌‌‌​‌‍‌‌‌‍‍‌‌​‌‍​‌‌‌​‌‍‍‌‌‍‌‍‍​‍‌‍‍‌‌‍‌​​‌​‍‌‌‍​‌​​‍​‍‌‌‍​‌​‌‌‍​‍‌‍​​‍‌​‌‍‌‍‌​‌‍​‌​​‍​‍‌​‌​​‌‍​‍‌​‌‌​‍‌​‍‌​‍​‌‍​‌​​‍​‍‌​‌​​‌‌‍‌‌​​​‌‍‌‍​‌​‌‍​‌​​‌​‌‌​​‌‍​‌‌‍‌‍​‍‌‌​‌‍‌‌​​‌‍‌‌​‌‌​​‌‍‌‌‌​‍‌​‌‍‌‍‍​‍‌​​‌‍​‌‌‌​‌‍‍​​‌‌​​‌‍‍​‌‍‌‍‍‌‍‌‌​‌‍​‍‌‍​‌‌​‌‍‌‌‌‌‌‌‌​‍‌‍​​‌‌‍‍​‌‌​‌‌​‌​​‌​​‍‌‌​​‌​​‌​‍‌‌​​‍‌​‌‍​‍‌‌​​‍‌​‌‍‌‍​‌‍‌‌​​‍‍‌‍‌‌‍‌‌‌‌‍​‌​‌‌​‌‍‌‍‍‌​‌‌​‌‍‌​‍‌​‍‌​​‍‍‌‍​‌‍‌‍‌​‍‌‍‌‍‍‌‌‍‌​​‌​‍‌‌‍​‌​​‍​‍‌‌‍​‌​‌‌‍​‍‌‍​​‍‌​‌‍‌‍‌​‌‍​‌​​‍​‍‌​‌​​‌‍​‍‌​‌‌​‍‌​‍‌​‍​‌‍​‌​​‍​‍‌​‌​​‌‌‍‌‌​​​‌‍‌‍​‌​‌‍​‌​​‌​‌‌​​‌‍​‌‌‍‌‍​‍‌‍‌‌​‌‍‌‌​​‌‍‌‌​‌‌​​‌‍‌‌‌​‍‌​‌‍‌‍‍​‍‌‍‌​​‌‍​‌‌‌​‌‍‍​​‌‌​​‌‍‍​‌‍‌‍‍‌‍‌‌​‍‌‍‌​​‌‍‌‌‌​‍‌​‌​​‌‍‌‌‌‍​‌‌​‌‍‍‌‌‌‍‌‍‌‌​‌‌​​‌‌‌‌‍​‍‌‍​‌‍‍‌‌​‌‍‍​‌‍‌‌‌‍‌​​‍​‍‌‌

Source

The Real Deal

Related Expertise

Real EstateCommercial Real Estate Workouts

Lenders are increasingly enforcing personal guarantees on distressed real estate loans, using them as leverage in negotiations, while wealthy borrowers are scrambling to avoid financial liability. In today's distressed real estate market, the personal guarantee might be the last remaining item of worth in a deal.

Zev Gewurz is quoted in this Real Deal article about the battle between lenders and wealthy borrowers over high-stakes guarantees.

Read here.

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