News
NO RAIN ON YESTERDAY’S PARADE
May 8, 2009
| We commend everyone who braved the unpredictable weather yesterday to attend three great events with us: The Mortgage Bankers Association of New York’s breakfast seminar, NYC Network Group’s monthly breakfast, and Cigar City Networking’s inaugural event. | ||
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| Our first stop was 101 Park, where MBA put on a “Workouts Workshop” for lenders, featuring Heritage Realty Advisors’ Mark Iannone, Latham & Watkins’ Joshua Stein, Bingham McCutchen’s Richard Fries, and Cygnus Development Consulting’s David Genova. Some hot tips we heard: when dealing with troubled loans, know who and where your guarantor is; information is critical, so gather all docs before taking over property; and have a pre-workout agreement—if the borrower won't sign, don’t talk. | ||
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| Mark tells us it’s important to differentiate between the borrower who is forthright and excuse-free versus the one with an explanation per minute and who buries information. For the latter, accelerate payment, he says—or the problem will just get worse. Lenders mustn’t go in with guns ablaze; sit down with borrowers, let them tell their stories, and don’t box them into a corner. Keep emotions in check and you’ll gain more insight into problems. |
