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The North Point office complex in Cleveland, consisting of two buildings, has been placed in special servicing by its lender after a $90 million loan was not repaid in September. The property is owned by Hertz Investment Group, which owns multiple office skyscrapers across the country and is facing financial challenges. Despite the post-pandemic office market downturn, efforts are being made to negotiate a loan modification to extend the maturity date of the existing loan. The property has maintained a 74% occupancy rate, and a broker's lien was filed due to unpaid commissions, indicating potential cash flow issues for Hertz. [Extracted from the article]

The number of corporate bankruptcies in metro Detroit increased by 80% in 2023 compared to the previous year, surpassing the national trend. Most of the bankruptcies were small businesses with less than $10 million in annual revenue, and the majority of cases were Chapter 7 liquidations, indicating a complete closure of the business. The industries affected by the bankruptcies ranged from automotive and manufacturing to healthcare, construction, and restaurants. Experts believe that this trend will continue as lenders begin to collect debts that were deferred during the pandemic. [Extracted from the article]

The article focuses on short sale assistance for attorneys in Colorado through the use of mortgage assistance relief services (MARS). Topics include the rate of foreclosures in Colorado as of October of 2011, the U.S. Mortgage Forgiveness Debt Relief Act of 2007, and the licensing requirements for MARS providers.

The article focuses on the three steps to understanding analytics in relation to court collections. Topics discussed include predicting the best debt to collect by way of monitoring consumer events, analytics as the science of finding the most likely with consideration to income, credit history, and payment history, and increasing compliance with a new analytical approach to collection in terms of two-dollars-gained-from-a-dollar.

The article offers information on the Greater Atlanta Home Builders Association's (HBA) rountable discussion on business strategies and loan workouts.

The article offers information on the issue of workout strategies versus foreclosure discussed at the conference of the Mortgage Bankers Association.

The article reports on the nine companies that allegedly offered loan modification services to customers without debt adjusting licenses. Attorney General Anne Milgram stated that homeowners seeking help for paying mortgages are becoming victims of fraud and likely to end up in a worse scenario. The state Division of Consumer Affairs mailed notices of violation to nine New Jersey-based firms for fraudulent acts and also sued United Credit Adjusters, that permanently banned the company from providing credit services in the state.

The article presents the author's insights on the guidance of the Federal Deposit Insurance Corp. (FDIC) to banks. It mentions that the guidance is about the regulators' concern that banks extend loans without carrying suitable measures and on the commercial real estate workouts. He states that regulators criticize banks for such practice only when they discover it. Moreover, he suspects that borrowers would get to the table with something before banks extend their maturing loans.

The article reports on the intention of managing director William Sipple for his company HVS Capital Corp. to provide capital markets and investment banking services. It is stated that the line of business would be loan workouts, hotel brokerage and debt, and equity placements. According to Sipple, the loan workouts would last for 6 to 12 months, and the business and financing will take on the next 12 to 48 months.

The article reports that manufacturers will be able to renegotiate their terms on loans with the banks as banks are not ready to seize illiquid assets like a manufacturer's plant, in case of default. It is stated that the banks that have bad loans do not want to invest money by borrowing from other sources. William Beaufait, a shareholder at the Cleveland accounting firm Maloney + Novotny, said that banks are ready to restructure the loans. INSET: MANUFACTURERS, LENDERS WORKING IT OUT.

The article discusses a rework of loans provided by the city of Cleveland in Ohio to the Flats East Bank neighborhood project in 2016. Topics mentioned include the contributing factors to the 30-million dollars cost overrun (CO) on the project that caused the loan workout, the city's request for the federal Housing and Urban Development to reduce the debt reserve for the 108 loan it provided to the project, and the role of the administration of Mayor Frank Jackson in the workout.

The article reports on the opportunities and optimism for lending sector in the hospitality industry in 2011, following the 2008-2009 economic downturn. Peter Berk of PMZ Hotel Finance Group says that the lending community for the hotel industry started to recover after suffering from financing, workouts, and foreclosures. Anne Hampton of Wells Fargo mentions that the industry is in the middle of recovery, with strengthening of the lodging fundamentals.

The article discusses things to consider when planning for debt restructuring, the act of requesting financial institutions for some forbearance for the borrower. Debt restructuring may be short term wherein the interest is only for 90 days, or long term. Having a solid understanding of the monthly cash position is cited as the first step in planning for debt restructure. Questions to consider to understand the problems when doing own debt restructuring are listed.

The article reports on the solutions to the problems concerning hotel loans during economic crisis in the U.S. It is stated that the distressed hotel loans has inspired Jeffer, Mangels, Butler & Marmaro LLP to create hotel Strategies and Approaches for Value Enhancement (SAVE). The SAVE program create value for the parties and understands the lender and the lender's goals, issues and constraints.