PROPERTY SITUATION

The Borrower went into maturity default because there were no buyers or refinance opportunities as a result of the impact Covid had on the property type and market. Borrower had made inquiries with the special servicer to extend the maturity date one (1) year, but Borrower considered the extension terms offered by the Lender to be commercially unreasonable.

BCA RESOLUTION

Borrower retained BCA to negotiate on their behalf with the special servicer. BCA reviewed the loan documents, documents related to an attempt to sell and refinance the property, and the prior communication with the special servicer regarding the extension request. BCA was able to negotiate a material reduction in the loan paydown required by the special servicer (by eighty percent (80%)) , in addition, the Servicer waived all default interest.