Alex Kerrigan November 11, 2021 Commercial Real Estate, Non Recourse Loans What Are "Bad Boy" Carve-Outs? Alex Kerrigan November 11, 2021 Commercial Real Estate, Non Recourse Loans Non-recourse loans prevent a lender from going after a borrower’s personal property in the case of a default. Bad boy carve-outs allow the lender to go after the borrower’s personal property if they conduct themselves badly.