On March 20, ValueXpress launched advisory services to obtain loan payment deferrals for existing and new clients with CMBS loans. Click here for information regarding this program. We are working with master servicers and special servicers to assist over 30 ValueXpress clients currently.
On March 27, Congress passed the CARES Act. It will provide over $2 trillion in economic assistance to individuals, specific industries and small businesses.
As it relates to the hotel industry, the primary method of financial relief designated by the CARES Act will be through Small Business Administration lending programs, namely the “Economic Injury Disaster Loan” (EIDL) and an expansion of the established “7(a) Loan Guaranty Program” through what is being called “Paycheck Protection Loans” (PPL). The programs are summarized in the accompanying chart.
As part of our advisory services, ValueXpress is requesting approval from master and special servicers to allow for EIDL loans and PPL loans. In addition, ValueXpress is now processing EIDL loans and PPL loans on behalf of our clients.
“We want to help our clients, particularly those in the hospitality and retail industries, obtain temporary payment relief on their mortgage loans during the period of the COVID-19 pandemic,” commented Michael D. Sneden, Executive Vice President at ValueXpress. “We are now processing EIDL and PPL loans for clients, while also obtaining approval from master and special servicers to allow these loans within CMBS rules.
For information regarding our advisory services and the processing of EIDL and PPL loans, please contact a member of the ValueXpress team: Mike Sneden (firstname.lastname@example.org – 212-883-6447), Dennis Suh (email@example.com – 212-883-6487) or Gary Unkel (firstname.lastname@example.org – 212-883-6475) to begin the process immediately.