5.4 Distressed Assets: Workouts, Foreclosures & Opportunistic Deals
- 9 Sections
- 35 Lessons
- 35 Quizzes
Understanding Distress, Sources and Cycles
- Lesson 1.1: The Four Sources of CRE Distress
- Quiz 1.1: The Four Sources of CRE Distress
- Lesson 1.2: How 2022–2025 Created the Current Opportunity Set
- Quiz 1.2: How 2022–2025 Created the Current Opportunity Set
- Lesson 1.3: The Distress Cycle Timeline, From Performing to Resolution
- Quiz 1.3: The Distress Cycle Timeline, From Performing to Resolution
- Lesson 1.4: The Three Competitive Advantages in Distressed Investing
- Quiz 1.4: The Three Competitive Advantages in Distressed Investing
The Distressed Debt Market, Buying Notes
- Lesson 2.1: How Distressed Debt Is Bought and Sold
- Quiz 2.1: How Distressed Debt Is Bought and Sold
- Lesson 2.2: Pricing Distressed Notes, Discount to Par
- Quiz 2.2: Pricing Distressed Notes, Discount to Par
- Lesson 2.3: The Note Risk Spectrum, Performing to Non-Performing
- Quiz 2.3: The Note Risk Spectrum, Performing to Non-Performing
- Lesson 2.4: Note-on-Note Financing
- Quiz 2.4: Note-on-Note Financing
- Lesson 2.5: The Note-to-Own Strategy
- Quiz 2.5: The Note-to-Own Strategy
Loan Workouts, The Lender's Toolkit
- Lesson 3.1: What Lenders Actually Want in a Workout
- Quiz 3.1: What Lenders Actually Want in a Workout
- Lesson 3.2: The Workout Toolkit, Six Instruments
- Quiz 3.2: The Workout Toolkit, Six Instruments
- Lesson 3.3: The A/B Note Structure
- Quiz 3.3: The A/B Note Structure
- Lesson 3.4: Workout Negotiation, The Borrower's Leverage
- Quiz 3.4: Workout Negotiation, The Borrower's Leverage
Foreclosure, The Legal Process
- Lesson 4.1: Judicial vs. Non-Judicial Foreclosure
- Quiz 4.1: Judicial vs. Non-Judicial Foreclosure
- Lesson 4.2: The Receiver, When Courts Appoint a Custodian
- Quiz 4.2: The Receiver, When Courts Appoint a Custodian
- Lesson 4.3: UCC Foreclosure, The Mezzanine Fast Track
- Quiz 4.3: UCC Foreclosure, The Mezzanine Fast Track
- Lesson 4.4: Bankruptcy as a Workout Tool
- Quiz 4.4: Bankruptcy as a Workout Tool
Distressed Equity, Buying Properties in Distress
- Lesson 5.1: Sources of Distressed Equity Opportunities
- Quiz 5.1: Sources of Distressed Equity Opportunities
- Lesson 5.2: The Distressed Acquisition Process
- Quiz 5.2: The Distressed Acquisition Process
- Lesson 5.3: Pricing Distressed Assets, The Distress Discount
- Quiz 5.3: Pricing Distressed Assets, The Distress Discount
- Lesson 5.4: The Short Sale, Getting Lender Approval
- Quiz 5.4: The Short Sale, Getting Lender Approval
- Lesson 5.5: Buying at Foreclosure Auction
- Quiz 5.5: Buying at Foreclosure Auction
Underwriting Distressed Assets
- Lesson 6.1: Why Standard Underwriting Fails on Distressed Assets
- Quiz 6.1: Why Standard Underwriting Fails on Distressed Assets
- Lesson 6.2: Building the Distressed Underwriting Model
- Quiz 6.2: Building the Distressed Underwriting Model
- Lesson 6.3: What Kills Returns on Distressed Deals
- Quiz 6.3: What Kills Returns on Distressed Deals
- Lesson 6.4: Required Return Benchmarks, Distressed vs. Value-Add
- Quiz 6.4: Required Return Benchmarks, Distressed vs. Value-Add
- Lesson 6.5: The Broken Deal, When the Thesis Isn't Working
- Quiz 6.5: The Broken Deal, When the Thesis Isn't Working
Special Situations, REO, Deed-in-Lieu, Tax Sales
- Lesson 7.1: REO, Buying from Lenders After Foreclosure
- Quiz 7.1: REO, Buying from Lenders After Foreclosure
- Lesson 7.2: Deed-in-Lieu of Foreclosure
- Quiz 7.2: Deed-in-Lieu of Foreclosure
- Lesson 7.3: Tax Lien Investing
- Quiz 7.3: Tax Lien Investing
- Lesson 7.4: The Receivership Sale, Court Process and Title Clarity
- Quiz 7.4: The Receivership Sale, Court Process and Title Clarity
Capstone, Work Out a Distressed Office Deal
- Lesson 8.1: The Scenario, Broken Suburban Office
- Quiz 8.1: The Scenario, Broken Suburban Office
- Lesson 8.2: Modeling Paths A and B
- Quiz 8.2: Modeling Paths A and B
- Lesson 8.3: Modeling Path C and the Decision
- Quiz 8.3: Modeling Path C and the Decision
- Lesson 8.4: The Professional Lens, What a Veteran Would Say
Every cycle creates distress, and distress creates the deals that make careers. You learn to work them.
You cover the sources and cycles of distress, how to buy notes, and the lender's workout toolkit. Modules cover foreclosure, buying distressed equity, underwriting the asset, and special situations like REO and tax sales.
Eight modules, 35 written lessons, 132 practice questions, and a graded final exam with a certificate. The capstone works out a distressed office deal. Self-paced, 12 months of access included.
Move when everyone else is frozen.
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