A CMBS Borrower’s Quick Guide for Communicating with Your Servicer in Cases of Need
3/31/2020 · by CRE Finance Council · COVID-19 Resources · Research and Background Documents
CREFC’s dialog with constituents within the CMBS community have indicated that the following are best practices when submitting requests for relief due to circumstances brought about by COVID-19 impacts. First, required loan payments should continue to be made to the extent possible. Second, requests for relief must be reasonable and fit the circumstances of the property, loan structure, and borrower, as well as meet the credit requirements of the lender (“servicer”) and the terms of the Pooling and Servicing Agreement for the specific CMBS trust.