Tenants-in-common. So instead of ABC, LLC, an Alabama limited liability company (the "Borrower"), we have ABC, LLC, an Alabama limited liability company, DEF, LLC, an Alabama limited liability company, GHI, LLC, an Oregon limited liability company, LMN, LLC, an Oregon limited liability company, and OPQ, LLC, a Missouri limited liability, as tenants-in-common (collectively, the "Borrower"), AND the corresponding five signature blocks, which are hella annoying to fit onto one page, depending on what else is on the page. Plus, there are five notice addresses, and five W-9s, and five different sets of organizational documents to check for stupidity (luckily thus far not my responsibility - I was giving my attorney comfort cookies yesterday, as I am not the type of person to take another person out for a drink). Not to mention that for this small loan, we have seven guarantors. So. Seven guarantor agreements. (for context, loans ten times this amount almost always have a single guarantor). Just completely annoying. And because of the annoying complexity of all this junk, I have never automated my forms to be able to handle a five-member TIC (of which previously I have had only one), so I have to copy and paste it all and it MAKES ME VERY WHINEY. I told my attorney yesterday - I am quitting this job, going to law school, passing the bar exam, getting waived into DC, and getting rehired by this firm, just so that I can tell people NO YOU CANNOT HAVE A FIVE MEMBER TIC YOU CAN HAVE A SINGLE ASSET ENTITY WITH FIVE MEMBERS.
There are six entities in this group with this structure. Three are down and drafted. Three to go. If the men in white coats don't come for me before the end of this portfolio, it will be a near thing.
There are six entities in this group with this structure. Three are down and drafted. Three to go. If the men in white coats don't come for me before the end of this portfolio, it will be a near thing.
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