Our Mission

Learn who we are and how we serve our community

Leadership

Meet our leaders, trustees and team

Foundation

Developing the next generation of talent

C+CT

Covering the latest news and trends in the marketplaces industry

Industry Insights

Check out wide-ranging resources that educate and inspire

Government Relations & Public Policy

Learn about the governmental initiatives we support

Events

Connect with other professionals at a local, regional or national event

Virtual Series

Find webinars from industry experts on the latest topics and trends

Professional Development

Grow your skills online, in a class or at an event with expert guidance

Find Members

Access our Member Directory and connect with colleagues

ICSC Networking Platform

Get recommended matches for new business partners

Student Resources

Find tools to support your education and professional development

Become a Member

Learn about how to join ICSC and the benefits of membership

Renew Membership

Stay connected with ICSC and continue to receive membership benefits

C+CT

Webinar: How to ask a lender for relief

April 3, 2020

Loan servicers will not apply a one-size-fits-all approach to forbearance and modification requests.

Borrowers should feel confident making well-documented, relatively reasonable requests, experts said on a Friday webinar for ICSC members titled Communicating with Your Servicer in the Time of COVID-19.

Misinformation about the modifications possible with commercial mortgage-backed securities abounds, and borrowers don’t need to consult with third parties to get relief, said Alan Kronovet, executive vice president and head of commercial mortgage servicing at Wells Fargo Commercial Mortgage Servicing. “Each transaction stands on its own. There’s not going to be a blanket approach to forbearance or relief.”

Borrowers should reach out directly to their servicers through the established channels, recommended Kathleen Olin, managing director of industry initiatives for the CRE Finance Council. “Don’t spend time talking to other people. Go directly to the servicer you’ve already established communications with.”

In those conversations, borrowers should highlight their companies’ operational abilities and their connections to decision-makers at national and local tenants. Borrowers also should provide detailed and realistic analysis of each‘ property’s situation and its short-, medium- and long-term needs, Kronovet said.

Even as demand surges, servicers are approaching borrowers with more flexibility and willingness to modify loans than they’ve offered during past economic downturns, Kronovet said. “This is a different type of problem than we had in 2008; a government order to shut down business is different.”

The current conversations between borrowers and lenders are more about temporary solutions versus long-term fixes because the pandemic situation remains fluid, Olin said. “‘Empathetic,’ ‘compassionate,’ ‘thoughtful,’ ‘careful’ and ‘meaningful’ are some of the words we’re hearing borrowers and lenders use to describe their interactions.”

The webinar is available here (Chrome works best).

Click to read about and listen to other recent webinars from ICSC

Stores are the best way to reach the fast-growing cannabis retail market
10 communication tips to prepare for reopening
Which tech tools are best for remote work?
How to access government cash
Next steps for job seekers
Smart restaurants are prepping for new normal
Transparency key to leadership in a crisis
Government loans that can help small businesses during COVID-19
Communications are key for retail centers’ pandemic response

By Brannon Boswell

Executive Editor, Commerce + Communities Today

Small Business Center

ICSC champions small and emerging businesses in getting from business plan to brick-and-mortar.

Learn more