Our funding portal is working through the final legal items for doing debt projects that can later be sold to the crowd. We'll do interim construction loans, bridge loans, SBA 504 2nds, and various other loan types in the central Texas area.
After speaking with some specialist securities attorneys we have our basic structure locked down. What is clear is that we need to select a special servicer or workout person as the trustee in case things don't go as planned. We have some local attorneys that can perform this role, but I am worried they'll run the meter and provide poor value to investors in a workout situation. It seems like it would be better to hire a specialist for this that does workouts all day long and knows the best ways to negotiate things. They could bring in attorneys on an as-needed basis and we're likely to be able to negotiate an incentive structure that is better than running the meter at $300/hour.
Any thoughts? If you were to invest in projects passively that later entered a workout situation who would you want negotiating on your behalf? Why?