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Specialties: Commercial Real Estate - Defeasance - CMBS Debt - Interest Rate Risk Management - Asset Management - FHLMC - Corporate Trust - Securities Execution & Settlements
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Managing DirectorAst DefeasanceCharlotte, Nc, Us
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Founder & PresidentXecution Loan Defeasance, Llc - The Defeasance Closer™ Mar 2024 - Present16-yr CRE Industry Expert specializing in Defeasance settlements & Creative Advisory solutions in collaboration with Borrower's Consultants, Attorneys, Brokers, & other Key Partners.
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Director Of Deal ManagementCommercial Defeasance Apr 2007 - Mar 2023Charlotte, Nc, Us -
Defeasance Consultant / Deal ManagerCommercial Defeasance Apr 2007 - Aug 2022Charlotte, Nc, Us-Work dilligently to keep Commercial Defeasance (Defease With Ease) the industry leader by managing existing client base and developing new relationships in the CRE marketplace.-Review loan documents and prepare cost analysis for borrowers with CMBS loans subject to defeasance.-Facilitate the defeasance process from beginning to end to meet the time-sensitive requirements of the transaction, while coordinating all required third-parties - Borrower, Loan Servicer, Attorneys, Accountant, Rating Agencies, Securities Intermediary, Escrow Agent.What is defeasance?Nearly every fixed-rate commercial real estate loan originated since 1998 requires the borrower to defease the loan in order to sell or refinance. Defeasance has become so prevalent in securitized real estate loans that life insurance companies, HUD and others seeking to preserve the ability to securitize their loans have incorporated defeasance into their form loan documents, as well. Put simply, defeasance is a substitution of collateral. Typically, a defeasance is coordinated to close contemporaneously with a sale or refinance. The borrower uses proceeds from the sale or refinance to purchase a portfolio of U.S. government securities that is sufficient to make all of the remaining loan payments. The securities are pledged to the lender, and the lender releases the real estate from the lien of the mortgage. The promissory note, which remains outstanding after the defeasance, and the portfolio of securities are assigned by the borrower to a successor borrower that makes ongoing debt service payments. The defeasance process involves a host of professionals, from attorneys and accountants to servicers, trustees and rating agencies. Defeasance is not a simple prepayment. The entire defeasance process typically takes 30 days, on average, of which 2 to 3 days are allocated to the closing process.
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Wholesale Account ExecutiveAmeritrust Mortgage Company 2004 - 2007Wilmington, North Carolina, Us
Scott Burnett Skills
Scott Burnett Education Details
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University Of North Carolina At CharlotteAnd Related Support Services
Frequently Asked Questions about Scott Burnett
What company does Scott Burnett work for?
Scott Burnett works for Ast Defeasance
What is Scott Burnett's role at the current company?
Scott Burnett's current role is Managing Director.
What is Scott Burnett's email address?
Scott Burnett's email address is sb****@****llc.com
What is Scott Burnett's direct phone number?
Scott Burnett's direct phone number is +170424*****
What schools did Scott Burnett attend?
Scott Burnett attended University Of North Carolina At Charlotte.
What are some of Scott Burnett's interests?
Scott Burnett has interest in President.
What skills is Scott Burnett known for?
Scott Burnett has skills like Commercial Real Estate, Mortgage Lending, Portfolio Management, Loans, Real Estate, Refinance, Cmbs, Real Estate Transactions, Investment Properties, Real Estate Economics, Sales, Contract Negotiation.
Who are Scott Burnett's colleagues?
Scott Burnett's colleagues are Ast Defeasance, Jack Schmidt, Leo Mcdonnell, Ast Defeasance, Matt Love, Lidia Hernandez, Stan Salter.
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