The majority of CRE loans today are held in the securitized format via a CMBS or CDO Trust. The volume of loans held in securitization makes it difficult for a borrower to get from their point of contact to an ultimate decision maker. In the case of a CMBS loan, there is a master servicer, special servicer and controlling certificate holder. Each has their respective role but a loan is typically transferred to special servicing upon a continuing monetary default. The process for a successful modification is cumbersome as each loan has an asset manager who is the main point of contact for the borrower. In order for a modification to be successful, the terms must be approved by the special servicer operating committee and often times the controlling certificate holder depending on the nature of the request.
MDO Capital management has extensive experience in the process and relationships at the operating committee level of both special servicer and controlling certificate holder. The special servicer contact is public information however; the controlling certificate holder is generally not discussed as the special servicer acts as a fiduciary on the controlling certificate holders behalf. The key to success is the complete understanding of the process as well as the relationships with the decision makers.