11:44
Crickets coming from my status update
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Simple English definitions for legal terms
single-asset real estate
Read a random definition: counsel of record
A quick definition of single-asset real estate:
Single-Asset Real Estate: This is a term used in bankruptcy law to describe a single piece of property that a person or business uses for their income and owes less than $4 million in secured debts on. It cannot be a residential property with less than four units.
A more thorough explanation:
SINGLE-ASSET REAL ESTATE
Single-asset real estate refers to a single piece of property, excluding residential property with less than four residential units, that a debtor uses for business purposes and generates most of their income from. The property must have secured debts of $4 million or less that are fixed and not dependent on any conditions.
An example of single-asset real estate could be a small shopping center that a business owner operates and generates most of their income from. Another example could be a warehouse that a company uses for storage and distribution.
These examples illustrate the definition of single-asset real estate because they are both single pieces of property that are used for business purposes and generate most of the debtor's income. Additionally, the secured debts on the properties are fixed and not dependent on any conditions.