Areas of Practice

Andrews & Young, P.C. is dedicated to protecting our clients' interests, and helping our clients realize their goals. Attorneys Andrews and Young have over 60 years of legal experience in providing legal services to clients, whether they are businesses or individuals. Our goal is to provide high quality legal services in a timely, responsive fashion and at a reasonable cost.

Commercial Finance – Creditor/Debtor
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At Andrews & Young, PC we have been helping clients address their needs in the area of commercial finance, loan closings, troubled loans, workouts, collections and foreclosures, for over 25 years.  We have represented many small businesses, individuals and financial institutions in these areas.

Andrews & Young provides experienced counsel and staff in closing commercial loans (secured or unsecured), whether you are the lender or the borrower.  We have represented lenders and borrowers both in complex loan transactions and in simple ones.
We also represent family members and members of limited liability companies or other entities that are borrowing money or guarantying the repayment of a loan, and wish to have their individual concerns addressed.

In addition to representing clients in connection with commercial loan closings, we also can help if you are involved in a troubled loan situation, where despite best efforts the loan payments cannot be kept current, or there is a default on a loan covenant.

LOAN TRANSACTIONS

Representation of Lenders
Some of the secured and unsecured loans where we have helped lenders close loans in the past few years include the following:

transactions involving participation agreements, where the lender originating the loan does not want to carry the entire loan on its books.

extensions of credit to groups of affiliated companies, to allow borrowers to restructure existing obligations so as to achieve better compliance with loan obligations and to pursue business opportunities, evidenced by a mix of term loans, revolving lines of credit, and letters of credit, secured by commercial and residential real estate, all assets including tangible and intangible personal property, equipment and titled vehicles, and a securities account at a national brokerage firm;

security interests in unusual collateral, including companies which are in the business of leasing equipment to others, and businesses which have contracts with governmental entities as a primary asset.

numerous commercial loan closings secured by commercial real estate and personal property assets of borrowers, including in the closing of SBA guaranteed loans such as Section 7(a) and 504 Loan Programs.

Representation of Borrowers
Some of the secured and unsecured loans where we have assisted borrowers in the past few years include the following:

obtaining financing to develop a grocery store and gas station, including involvement of the SBA and other lenders;

obtaining financing to acquire equipment needed for the expansion of the borrower’s manufacturing business;

allowing the borrower to restructure obligations to ease cash flow and expand business;

numerous commercial loan closings secured by commercial real estate and personal property assets of borrowers, including in the closing of SBA guaranteed loans such as Section 7(a) and 504 Loan Programs. 

WORKOUTS, COLLECTIONS & FORECLOSURES
Over the years we have represented clients when good loan relationships become troubled.  These loans are sometimes large and secured by different types of collateral and are sometimes relatively small in amount and unsecured.

Representation of Borrowers
We have represented borrowers in circumstances where the original projections of income and expenses for a project have not been met, resulting in an inability to pay loans in accordance with their terms.  At times we have successfully restructured relationships with the lenders in a manner to avoid bankruptcy proceedings, and allowed all parties to reach a more comfortable level of exposure, and to create an additional opportunity for the projects concerned to succeed, or be recapitalized, or sold under conditions more likely to result in market value being realized as opposed to fire sale liquidation.

Representation of Guarantors
We have represented guarantors of commercial loans, where allegations have arisen to the effect that certain members of the borrower group who were responsible for the management of the company and development of the project have been derelict in their duties.

Representation of Lenders
We have represented lenders in many defaulted loan circumstances, including the following:

collection of unsecured loans;

collection of loans secured by personal property and Article 9 liquidation;

foreclosure upon partly completed condominium project involving assertion by general contractor of entitlement to first lien priority upon project;

foreclosure of first mortgage of roughly $4,500,000 upon a large industrial partially renovated mill facility in Willimantic;

foreclosure of first mortgage of roughly $2,000,000 upon large commercial mill facility in Thompson, Connecticut;

foreclosure of mortgage upon warehouse facility in southeastern Connecticut;

properties appearing on the EPA superfund list, or otherwise subject to environmental law concerns, including Transfer Act sites;

bankruptcy proceedings including filing claims, seeking relief or adequate protection, sale of collateral free and clear of liens, protection of interests in chapter 11 proceedings;

sale of REO properties, including working with companies hired by lenders to manage and sell their REO.

 

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Andrews & Young, P.C.
Attorneys at Law
1020 Hartford Turnpike
Waterford, Connecticut 06385
Phone:(860)444-2101
Fax:(860)333-1272

Andrews & Young, PC, assists clients with Estate Planning, Wills & Trusts, Trust Administration, Probate & Estate Administration, Conservatorship, Elder Law and Medicaid issues, Corporation and Business Law, Purchase and Sale of businesses, Commercial and Residential real estate, foreclosure, workout, and resolution of troubled debt throughout eastern Connecticut, including New London, Waterford, East Lyme, Niantic, Lyme, Old Lyme, Montville, Uncasville, Groton, Ledyard, Gales Ferry, Stonington, North Stonington, Norwich, Old Saybrook and Mystic.