During the uncertainty that the COVID-19 pandemic brings, there are three actions lenders and landlords can take now to mitigate risk in their businesses.
- Get your house in order. Review your loan documents and lease now and determine if there are any holes. You will want to be prepared with your documents in case the downturn is longer lasting. LP will review your files at no cost or with minimal cost, based on scope and your needs regarding this situation. If there are any concerns in your documents, we can draft what you need to shore things up.
- Reach out to your borrowers/tenants and offer help. LP can amend your loan documents or leases quickly if you need it.
- Protect your position. If your customer or tenant files bankruptcy, consider attorney guidance. There are many things you need to do as a secured or unsecured lender (or as a landlord) in the first few days of the bankruptcy in order to protect your position.
For more resources and LP's response to COVID-19, visit this webpage