COMMERCIAL LOAN MODIFICATIONS FOR OFFICE BUILDINGS
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With the recession causing many businesses to downsize and reduce the amount of office space they use, an influx of office space is becoming vacant and rents are decreasing rapidly. These factors have caused the value of office properties to decrease dramatically making them ideal candidates from commercial loan modifications. Our commercial loan modification attorneys will do a complete analysis of your office property rent rolls, market conditions in the geographic location of the property and your loan documents.
The market for office buildings is ever changing since fluctuations in the economy have such a direct and immediate impact on both vacancies and lease rates. Understanding these market conditions is an integral part of preparing a comprehensive loan mod proposal for your lender. Our attorneys will research the information necessary to make a determination as to what the approximate valuation of your property is.
Upon completion of our analysis of your property and loan documents, our lawyers will make a determination as to whether a loan restructuring is a viable option for your office building. If our attorneys determine that a restructuring is such an option, we will then begin obtaining from you the necessary information required to create a proposal for your lender. Our lawyers will work aggressively to negotiate a modification of your loan based on this framework and will keep you informed as to the progress that is being made throughout the process.
At Hanasab & Zolekhian, LLP, we approach each office commercial loan modification with this same level of depth and attention to detail in order to ensure that your proposal is viewed in a timely manner by your lender. We firmly believe that our thorough and professional approach to each property is respected by lenders and allows for a more efficient process.
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