Cook Quoted on Distressed Warehouse Loans

Foley Partner David Cook was quoted in an article titled “Warehouse loans worry N. Fla. Banks” in the October 23, 2009 issue of the Jacksonville Business Journal. Cook discusses distressed warehouse loans in North Florida, noting that banks may want a 30 percent to 40 percent down payment when renewing loans made between 2005 and 2007, compared with a 10 percent to 15 percent down payment when the loan was originally written. He adds that when a bank seeks a new appraisal on the property, it is most likely less than when the loan was written due to the economy.