Commercial Academy is supporting Commercial Real Estate professionals through the COVID-19 Health and Economic Crisis.

This page contains recommendations and provides access to resources that we have developed or researched.

Please note: All content is not intended to serve as legal, accounting, financial, investment, taxation, or any other type of professional advice. We are making this information free to the community, with the hope that it will help individuals develop their own strategies and programs. As always, we strongly recommend that you discuss all action with your professional team of certified experts.

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Property Management Recommendations During the COVID-19 Crisis

Create communication repositories

1. Create a separate digital and/or paper repository for each property in your portfolio.

2. In this main folder, insert these documents, and maintain on a daily basis

• • A cover page that shows all lenders, investors, etc. that are associated with the property, with names and contact information, and any “relationship notes”
• • All financial (lender, investor, etc.) documents with any addendums
• • All communications received from financial parties
• • All communications you send to financial parties
• • A summary page tracking and time-stamping all communications (emails, phone calls, texts, letters, meetings, video conferences, etc.) that are being transmitted between any parties associated with you or the financial parties
• • You may want to include a “Status” column, to quickly identify which property lenders, investors need more attention

3. Within each property, create a sub-folder for each tenant.

4. In each tenant’s folder, insert these documents, and maintain on a daily basis

• • The lease with any addendums
• • Rent rolls (and tenant leases)
• • All communications received from the tenant
• • All communications you sent to the tenant
• • A summary page tracking and time-stamping all communications (emails, phone calls, texts, letters, meetings, video conferences, etc.) that are being transmitted between any parties associated with you or the tenant
• • You may want to include a “Status” column, to quickly identify which tenants need more attention

 

Stay Pro-Active and Be Responsive (see templates)

1. Financial lenders, investors, etc.

• • Call them and keep them informed
• • Ask for appropriate relief
• • Confirm whatever was communicated in the call via email or letter

2. Tenants

• • Send blanket emails and/or letters telling them to stay in communication with you through this crisis
• • Reply to communication but to do not commit to anything before discussing with your appropriate resources

 

Our Recommended 6 Step Action Plan

Step 1 – Call Lenders: Telephone call from landlord principal to lenders to discuss what relief is available, and document the conversation

Step 2 – Tenant Communications and Responses:

• • Send letters and emails pro-actively to all tenants
• • Send individualized written responses to communications from tenants

Step 3 – Loan Modification: Request in writing, relief from landlord payments on loans

Step 4 – Lease Authority: Request in writing, relief for tenant leases under loans, in order to adjust rents and amend lease documents

Step 5 – CARES Act Relief: Assemble loan applications for each entity and submit (PPP and/or SBA)

Step 6 – Loan Support Materials:

• • Provide a current rent roll and
• • Prepare a 6-month projected rent roll showing how COVID-19 has affected or may affect the property

 

Downloadable Resources

• • National listing of businesses closed or with adjusted hours – DOWNLOAD
• • COVID-19 Moratorium and Forbearance Debt Relief Act – VIEW NOW
• • Borrower Paycheck Protection Program Application – DOWNLOAD
• • PRELIMINARY information on the Paycheck Protection Program
• • PPP Overview – DOWNLOAD
• • PPP Lender Information Fact Sheet – DOWNLOAD
• • PPP Borrower Information Fact Sheet – DOWNLOAD
• • SBA Disaster Loan Application How-To-Apply (Intended as a guide; some information may vary for other markets) – DOWNLOAD
• • Overview of SBA EIDL Funding Program (courtesy of Cohen & Co.) – DOWNLOAD
• • PPP Official Final Rules for Self-employed Individuals – DOWNLOAD
• • PPP Loan Information Highlights for Self-employed Individuals – DOWNLOAD
• • Federal Pandemic Unemployment Assistance Program – DOWNLOAD
• • How to Estimate Portion of Loans That Can Be Forgiven – DOWNLOAD
• • IRS Ruling on Taxation of Forgiven Loans – DOWNLOAD
• • PPP Loan Forgiveness Application – DOWNLOAD