Seeker Company Limited Partnership is considering placing a bid in an auction for a loan secured by an office building at 1800 L Street in Washington, D.C. The all-cash bids are due in just 10 days. While the payments on the loan have been made and the borrower hasn't filed for bankruptcy, the lender has classified the loan as subperforming because of its low debt service coverage ratio. In this case students examine a promissory note, the loan's status and history, and a master-lease agreement before drafting a concise business memo that will address issues such as foreclosure procedure and legal rights.

Case id: 091706