MIAMI—With so much equity invested, developers would have a lot to lose to foreclosure and would do everything in their power to save their property, including paying lenders millions of dollars in fees to cure the default. So says Thomas R. Lehman, a founding partner of Miami-based Levine Kellogg Lehman Schneider + Grossman, when discussing the unpleasant thought of a condo correction.

As he sees it, banks are hungry for revenues so lenders will look at these equity-rich projects as cash cows. That, he tells GlobeSt.com, means lenders could look for the most frivolous reasons to declare a project in technical default, which can happen even when a developer is current in its monthly payments.

We caught up with Lehman to get his insights on these issues in part two of this exclusive two-part interview. If you missed it, you can still read part one, “When the Miami Condo Boom Ends.”