Commercial Loan Modification Process
The commercial loan modification industry is relatively new. Many commercial real estate owners don’t know what to expect of the commercial loan workout process. At Commercial Capital Advisors we understand your concerns and we want every one of our clients to feel completely comfortable with the loan modification process. We believe that a well educated investor is our best asset.
1) The first step we take in the modification of your commercial loan is our free consultation. Simply call us at 954-727-3316 or fill our request for the free report “Is a Commercial Loan Modification Right for me? During our first conversation we will ask some basic questions about your commercial property, your loan and most importantly what your goals are. During this initial consultation we will complete your intake form which describes the parameters of your situation.
2) Your commercial loan modification consultant will submit your intake form to our underwriters who will examine the information and decide whether you are good candidate for a commercial loan modification. Our underwriter may ask you at this time to supply any additional information which will give a more complete picture of your actual situation. Once our underwriters receive your intake form it will usually take between 24 and 48 hours to receive your pre-approval.
3) When your commercial loan modification request has been pre-approved your consultant will contact you and send you our retainer agreement and a borrower authorization which permits us to communicate with you lender. You will also be asked to supply the underwriter with the following documentation:
- Rent roll for the past 12 months. (ledger book or rent receipt for each unit)
- Copies of all bills for the last 12 months. (Utilities, landscaping, elevator, pool, roofer, etc.)
- Copies of all leases or rental agreements. (Only one lease is needed if all leases are exactly the same except for dollar amount)
- Copies of all service contracts. (Elevator, heating/air-conditioning, maintenance, etc.)
- Copies of all notes and mortgages.
- Copies of the latest loan payment cards.
- Copy of escrow instructions from your purchase of the property.
- Copy of partnership agreement relevant to the subject property.
- Amount of depreciation you took last year, method of depreciation, and your remaining basis in the property.
- Any other pertinent information you believe will assist us in representing your best interests.
4) After we receive the necessary documentation along with your retainer agreement your commercial loan modification moves along to our Commercial Loan Modification Underwriters.