A multi-faceted attorney, Steven Casselberry combines his extensive deal making talents with litigation experience to counsel clients in the financial services, real estate and title insurance industries. He’s often recruited by creditors to resolve complex disputes, recovering millions from borrowed debtors that would have otherwise been withheld indefinitely.
Mr. Casselberry regularly represents financial institutions ranging in size from community banks to regional and national institutions. He also commonly assists mortgage bankers, brokers, lenders and investors with mitigation, litigation, bankruptcy, foreclosure, and loan and fraud investigation matters as well as business venture formations, problem loan workouts and acquisition of loans in bulk.
A partner of the firm’ s Orange County office, Mr. Casselberry lends his expertise to real estate management, title insurance, escrow and construction companies. He also counsels real estate developers, acquirers, contractors and individual investors in matters involving the acquisition, development and finance of real property. In addition, Mr. Casselberry assists mortgage bankers, brokers, lenders and loan servicing entities. Proficient in RESPA compliance, he routinely establishes RESPA-compliant joint affiliations.
Appellate Action: Two banks that participated in a large construction loan in Los Angeles County had a dispute regarding a participation agreement. The trial court granted one of the bank’s rescission of a party’s participation agreement, awarding over $2 million in restitution and attorneys’ fees and costs. Obtained a reversal on appeal for our client, whereby the participation agreement was not rescinded, and our client is seeking attorneys' fees in excess of $1.2 million.
Collateral Preservation Litigation: Successfully represented a bank in defending a claim that it had failed to properly preserve personal property collateral. A creditor of the borrower sought in excess of $12 million in damages, claiming that the bank had failed to comply with its obligations under California Commercial Code 9-207. was successful in obtaining summary judgment against the creditor of the borrower. Creditors’ Rights: Obtained a $6.5 million judgment on behalf of our client against a guarantor. The guarantor had asserted claims of lender liability and alleged failure of the bank to properly obtain “Gradsky Waivers.”
Foreclosure: A borrower that refused to cooperate with its lender, a large regional bank headquartered in California, defaulted on its loan that was secured by a gas station and convenience store. Successfully represented the bank in the foreclosure and liquidation of the collateral and obtained a deficiency judgment against the borrower.
Health Care Collection: Represented a bank client collecting on a defaulted loan made to an outpatient surgical center, which was guaranteed by over 20 sponsoring doctors.
Loan Sales: Regularly handle acquisition and sales of individual loans and loan portfolios to both accredited and nonaccredited buyers. These transactions include loans that are unsecured, as well as loans that are secured by real or personal property. They also include loans that are performing, under-performing, non-performing and in default.
Participation Agreement: Represented a participant lender in a $105 million construction loan on a multifamily development in Newport Beach. The expedited loan was closed less than one week after the participants were identified and committed to the transaction.
RESPA-Compliance: Represent numerous entities in establishing RESPA-compliant joint affiliations for escrow companies approved by the California Department of Business Oversight. These entities usually involve the affiliation of a nationally recognized underwriter title company and local real estate brokers, agents or real estate lenders.