ValueXpress is receiving loan payment relief approvals for its CMBS conduit loan clients from Master and Special Servicers. Special Servicers are approving relief for qualifying clients as “performing loan consents.” These consents allow the Master Servicer to apply reserves to upcoming loan payments and waive the replacement reserve portion of loan payments, and these actions do not result in a loan transfer to Special Servicing. Clients with small reserves are being reviewed by Special Servicers for full payment deferral for a period, but this requires a transfer to Special Servicing.
On March 20, ValueXpress began providing advisory services to obtain loan payment deferrals for existing and new clients related to the effects of the COVID-19 outbreak. The response has been remarkable, and we are pleased to be processing relief request for over 40 clients.
With approvals now being received, ValueXpress has the capacity to service additional clients. Borrowers seeking payment relief resulting from the effects of the COVID-19 outbreak should contact ValueXpress now for assistance with submitting a Loan Payment Deferral Request and associated documentation to Master Servicers and Special Servicers. For additional information, click here.