In a season of great change and uncertainty, refinancing commercial properties looks a little different now. We sat down with our Senior Director of Capital Markets Joe Sandahl to discuss how he is advising clients looking to refinance during the pandemic. Joe has been consulting with clients in the acquisition and disposition of commercial real estate for over 25 years and he has some great tips on how to start the refinancing process.
- Start early. Lenders are overwhelmed so it’s never too early to start reaching out and getting organized.
- Ask for an extension. If you have a loan coming up, talk to your existing lender about an extension.
- Talk to an expert. Joe has been helping his clients through the process and can advise you on how to prepare your file.
- Take note. Track any lease modifications or changes in terms you’ve made with tenants during the pandemic.