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A Financial Tsunami - Commercial Property Foreclosures

Commercial real estate foreclosures are at an all time high and still growing. Property owners are desperately seeking a solution to this crisis. The trillion dollar industry is facing devastation. Can commercial loan modifications save the day?

FOR IMMEDIATE RELEASE

PRLog (Press Release) – Jun 23, 2009 Just several years ago, the economy was in a healthy state. The residential real estate market was booming and in an effort to keep up, the commercial real estate market expanded. However, for every boom, there is a bust. First, the residential real estate market crashed and homeowners scrambled to modify their mortgages and avoid foreclosure. More recently, the commercial real estate market has begun a crash of its own. Commercial property values have plummeted. Also, as a consequence of the economic recession, more and more tenants renting from commercial property owners are unable to pay their rent—leading to commercial property owners having trouble meeting their obligations to their loan.

Right now, nearly 73 billion dollars worth of commercial real estate loans are in financial distress. Out of desperation, commercial property owners are slashing rent, offering incentives, and demanding concessions. Still, storefronts, office buildings, and warehouses are emptying. Six trillion dollars in commercial real estate may be affected by the current crisis. No wonder it is being labeled as a financial tsunami. The tidal wave that is commercial property foreclosures is growing and is bound to crash hard on many commercial property owners.

Fortunately for commercial property owners, a solution is available to combat this rising tide. It’s called Commercial Loan Modification. Commercial Loan Modification, also known as a commercial loan workout, is when a business or individual that owns a commercial property such as a strip-mall, shopping center, or apartment building, agree with the mortgage holder to permanently change the terms of the original note. A leader in the commercial loan modification industry has emerged—Commercial Loan Review, or CLR. Here is an outline of their services to commercial property owners:

CLR Services

• A comprehensive evaluation of your commercial portfolio and financial situation

• We will provide you a thorough analysis of your property and consultation from one of our Loss Mitigation / Commercial Loan Modification Professionals

• Present all options to you so you can make an informed decision

• Renegotiate the terms of your existing commercial mortgage to help avoid a default

• Restructure your current loan for better property income cash flow

• Negotiate favorable terms with your lender so you get the best deal possible