I am starting with a hunch at the highest possible level: - Urban office has been decimated and has a huge pile of vacancies.

I have been involved in litigation in the past when a subcontractor ordered materials from China and the formaldehyde levels in the products were not satisfactory to the buyers of the units when they did their own testing and they filed a multimillion dollar lawsuit. 

That is one of the things that makes us a little different and flexible for investors.Thanks for your comments @Jay Compton - over the past 2 or so years, we have made many positive changes to our processes, technology, and team (at both the executive level as well as the client sales, service and support teams).

The corporate clients have been very easy to work with, and they seem less concerned about the dollars charged as the quality of the level of service provided.

I've been advocating against rental inspections for years, yet there's been no traction at the state level.

Personal guarantees add an extra level of commitment from the borrower.

Many people think that they can or should be able to cut out a realtor or broker based on their opinion of the level of effort they've made OR the fact that they went around their backs and tried to negotiate directly. 

look at your experience level with reality in mind.I would want to feel very comfortable about those things before spending time on deals and money when i had no real capacity to transact no matter who the lender was.

Local level is where you need to worry, not federal level.

Our understanding is it spirals from there and ultimately results in the structure no longer being grandfathered mainly due to the level of unpermitted work that was performed.