PRE-PAYMENT CLAIMS PROCEEDINGS

 

        Megan and affiliates have evaluated over 700 partnerships owning pre-1990, USDA-RD financed apartment complexes and where able to establish viable prepayment damages for approximately 450 and assisted the developers in filing those claims in these TAC-II settlement proceedings. 180 of the claims Megan has evaluated and assisted in filing, have been awarded settlements totaling $61 million in TAC-II settlement to-date.

        As most partnership agreements do not have specific provisions for the distribution of such settlement proceeds, i.e. are they operations and “cash flow” and split 95% to the General Partner and 5% to the Limited Partner or are they from a “major capital event” and the Limited Partner gets all of its capital back first and then it is split 50-50 with the General Partner?

        Accordingly, as part of its valuable services, Megan’s principals, attorney and CPAs, help structure these distributions to the greatest benefit, both distribution and tax wise, to its client.

        

For a free evaluation, analysis and damage estimate on any FmHA (USDA-RD) Loan obligated prior to December 15, 1989

 

Please email us the following for a free evaluation, analysis and damage estimate on any FmHA (USDA-RD) Loan obligated prior to December 15, 1989:

  1.    Loan Agreement;
  2.    RD Form 3560-7 (with the “actual” column completed) as of December 31, 2015; and
  3.    RD Form 3560-54 – the annual statement from USDA-RD as if December 31, 2015
     

Please also indicate:

a)     whether the apartment complex was sold or purchase subsequent to the original loan commencement and the date of any such transfer;
b)     whether any prepayment request or prepayment discussion were had with USDA-RD and:
            a.      the date thereof;
            b.     USDA-DA’s reply to the prepayment request; and
            c.      the amount of any Equity Loan received
c)      whether the apartment complex had been put into the MPR program.

 

Please also provide a contact name and phone number, while it may take 30 to 60 days to complete the evaluation, analysis and damage estimates, so we can be in communication with you.

 

Call 913.685.9000 or email us at TheMeganGroup@gmail.com if you have any questions.