A commercial loan audit is a service used to investigate on any possible violations committed by the lender thereby preventing the lender from implementing all the terms agreed upon the inception of the loan.
The findings of the audit could be useful when the owner of a commercial real estate wants to get any loan modification. The commercial loan audit involves examining and scrutinizing every part of the documents of the loan to check if the lender has possibly violated any of the borrower’s rights as stipulated in the agreement.
With the unemployment rate still going up despite claims by many economists that the recession is over, the rate of residential foreclosure filings is still going up and it is expected that a new wave of defaults will come from the commercial sector. Commercial businesses still suffer from low sales because of the economic crisis. Landlords and property owners could not collect rents from their tenants because commercial business have lower sales, hotel vacancy rates have increased, and warehouse customers have decreased in number.
Unfortunately, the predicted crisis in commercial loans is expected to be worse than the residential housing situation. It is estimated that 67% of the commercial real estate loans will not be settled which may possibly lead to foreclosure proceedings. A commercial mortgage renegotiation and commercial loan modification can significantly help reduce the negative effect of the economic crisis because these methods pose a lot of benefits not only to the borrower but also to the lender.
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Commercial property owners are said to fail paying their mortgages. However, the lower monthly payments that result from loan modifications such as warehouse loan modifications, strip mall loan modification, and others are designed to help the property owner get back on track. Conversely, commercial lenders do not have to go through the expensive foreclosure process when they agree to the loan modification request.
Lenders are usually reluctant to agree to this kind of transaction but a commercial loan audit may unearth rule violations that may convince the lender to change his stance.
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