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Wednesday, September 9th, 2020

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Posted by: | Posted on: September 9, 2020

Tenants Get Creative as They Look to Exit a Lease

If a landlord thinks a tenant can survive after the COVID economic crisis passes, they’re usually motivated to work on payment plans, according to Luis Martinez-Monfort, founding partner of law firm Gardner Brewer Martinez-Monfort.

“The appetite to work through forbearance from both the tenant and landlord is pretty high because I don’t think landlords believe, dependent upon the type of tenant they have, that there’s someone who’s immediately going to backfill a space,” Martinez-Monfort says.

In a stable economy, Martinez-Monfort says there might be multiple groups that want to try their business concept into your restaurant. During COVID, that isn’t happening. “I don’t know if there are a lot of restaurant concepts knocking on the door behind a tenant who failed,” he says. “There’s not a lot of people seeking to start restaurants right now.”

If they think their tenant has a chance, Martinez-Monfort says landlords are deferring payments to

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Posted by: | Posted on: September 9, 2020

Priced at $25M, Former Monastery Is Maryland’s Most Expensive Home

A former monastery on 22 riverfront acres is Maryland’s most expensive listing, at $24.9 million. This price is actually a steep discount from the $32 million it was listed for in 2012, when it initially came on the market.

The 22,000-square-foot home on Winchester Road in Annapolis, MD, has sheltered monks, a smuggler, and now a leader in the seafood industry.

“It’s a pretty spectacular estate just in terms of the finishes and features, and is a very interesting house from the perspective of history,” explains listing agent Dave DeSantis. “It was originally built for an industrialist in Baltimore who manufactured weapons for wars but was also a pretty notorious smuggler who apparently made moonshine in the basement of the house.”

The basement still has tunnels leading to a boat dock for clandestine transport of the contraband back in

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Posted by: | Posted on: September 9, 2020

Mortgage Refinancings Boom, Even as Coronavirus Hits Economy

The mortgage market recorded its best quarter in years this spring, a reflection of how the housing market is booming in 2020 even as much of the economy stumbles.

Lenders issued $1.1 trillion in home loans between April and June, according to mortgage-data firm Black Knight Inc. That was the biggest quarter in the company’s records, which date to 2000. Lenders extended roughly $2.5 trillion in home loans in all of 2019.

Refinancings, up more than 200% from a year ago, drove the increase. Mortgage rates hit new lows multiple times this year, falling below 3% for the first time in July. The low rates have made millions more Americans eligible to save money on their monthly payments. Purchase mortgages, though, fell 8% from a year earlier.

Dena and Patrick Driscoll closed on their refinance in April, trading in their Federal Housing Administration loan for a conventional one. That got

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