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Real Estate/Development

Apr. 29, 2010

Banks Go to Great Lengths to Limit Liability

From extending loans to hiring receivers, lenders seek to avoid taking ownership of failed development projects with future risks of legal action.

By Jason W. Armstrong

Daily Journal Staff Writer

Imagine a pristine high-rise residential tower glistening in the California sunlight.

Now, imagine that you can see through the building from end to end because construction was never completed and not a single unit is occupied.

Such projects, along with the skeletal remains of half-built steel-and-wood b...

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