COMMERCIAL LOAN MODS FOR APARTMENT BUILDINGS
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A commercial loan modification for a multi-family residential property will be dependent on many factors. Our loan mod attorneys will conduct a comprehensive analysis of your multi-family residential property, whether it is a duplex, four-plex, or a large scale multi-family project. Our analysis will include a review of the current rent roll of the property as well as the rent roll at the time the loan was originally funded. Our analysis of these rent rolls will give our lawyers the framework to begin developing our proposal for a commercial loan modification.
As part of our analysis, our experienced real estate lawyers will examine the relative strength of the rental market in which your property is located. This will factor into the commercial loan mod proposal that we will create for your lender. The greater the strength of the rental market, the greater the likelihood that your property will generate cash flow to support a loan modification, which in turn increases the likelihood that your lender will approve a proposed restructured loan.
In addition, our commercial loan mod attorneys will research what comparable multi-family properties in surrounding areas have been trading for. We will work closely with you to develop a proposal for your lender that will allow you to continue to own and operate your multi-family property in a manner that is once again profitable. Our comprehensive analysis will allow us to submit a proposal that is aggressive, yet reasonable and provides the bank with the information they need to make a well informed decision. This approach will increase the likelihood that your bank will modify your commercial loan.
At Hanasab & Zolekhian, LLP, we approach each multi-family loan restructuring with this same all-inclusive approach. This approach will prove to provide for a streamlined and efficient process that will encourage your lender to complete your commercial loan modification.
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