On March 20th, 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 as we are pleased to be processing relief request for over 30 clients.
However, to ensure high quality service to all our clients, we are limiting advisory engagements to 50 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.
“We are pivoting our resources 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 in touch with our master servicer and special servicer relationships and they have provided us direction on how to apply for relief.”
ValueXpress is uniquely qualified to assist new and existing clients through the loan payment deferral process. “We have completed over 400 hotel and retail loans, and we already work with master and special servicers on behalf of borrowers for Property Improvement Plan and FF&E draws for hotels, tenant improvement draws, lease approvals, cash management resolutions and other servicing matters,” said Sneden. “Right now Loan Payment Deferral requests are a critical extension of these efforts for our clients.
ValueXpress had developed a “COVID 19 Loan Relief Checklist” based on direction from master and special servicers. The information is utilized to prepare the Loan Payment Deferral Request and associated documentation to master servicers and special servicers for relief. ValueXpress will collect a modest one-time advisory fee for preparing, submitting and following through the process. The fee will be credited back to the client in the future should the client close a loan with ValueXpress.
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 Payment Deferral process immediately.