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Five Steps to a Successful Commercial Loan Workout

Obtaining a commercial loan workout can be a very labor-intensive process. Having all of your “ducks in a row” is key to a successful workout. For property owners who can’t refinance, have a balloon payment coming due, defaulted on their mortgage or facing foreclosure, a commercial loan workout can accomplish one or more of the following:1. Reduce interest and/or principal amount
2. Extend reset period or maturity date to delay balloon payment
3. Defer payments
4. Temporary interest-only payments
5. Avoid foreclosurePlease review the following five steps:1) Required Paperwork
The required paperwork is gathered from property owners. Documents needed: Rent roll, copies of expenses within the past year, rental agreements, copies of the mortgage note, etc. Not having all of the required documents could delay the whole process.2) Research Analysis
Before a commercial loan workout is submitted to the lender, a financial snapshot of your situation is needed. The lender is mostly concerned with your ability to pay each month if your loan was restructured to more favorable terms. Determining the current market value, rental rates and recent comparable sales are also important factors to consider. After a review of the note is complete, a workout package is generated.3) Lend Submittal
Once a confirmation of delivery is received from the lender, the submission package is forwarded to a workout specialist. Not confirming receipt of the workout package by the lender could mean having your file stuck somewhere in the mail room for weeks or “lost in neverland.”4) Negotiation Process
The workout specialist reviews the package and presents a loan modification offer. Sometimes the property owner or third party workout firm will make counter offers until an agreement is excepted with favorable loan terms. The whole process from start to finish could take between 2 or 3 months to complete. Keep in regular contact with the workout specialist at the lender until a proposal is received.5) Final Approval
Once the lender approves the newly restructured mortgage loan, a proposal is presented to the property owner for review. The owner can expect the following options: Deferment of payments, lower interest rate, extended maturity date, greater cash flow or reduction of principal. The lender can propose any combination of options. Lastly, the modified loan documents are signed by both parties to make the changes official.Because so many commercial property owners are not able to meet their mortgage obligations, commercial lenders are now willing to modify their existing mortgage loans to prevent avoid foreclosure. The key to preventing a default is to be proactive by contacting your lender or seek the assistance of a third-party, professional commercial loan workout firm.Commercial mortgage loans are much more complex than residential mortgage loans. Hiring a professional commercial loan workout firm can help you navigate through the negotiation process with your lender.

The Subtle Differences Between a Leader and a Manager

The terms ‘manager’ and ‘leader’ are often interchanged. It is almost as if some people think that both descriptions mean the same thing. Management and leadership are two totally different roles yet they are pretty much inseparable. In my experience, I’ve observed that there are many good managers that are not very good leaders, and some very good leaders that are poor managers.It is important to note that in the workplace today, anyone in a supervisory role and up needs to understand and use both management and leadership skills. The late US Navy Admiral Grace Hopper once said that “You cannot manage men into battle. You manage things; you lead people.” This statement tells us that there are subtle differences between a leader and a manager. You manage things and processes, you lead people. The list can go on and on if we compare the two but we will focus on the top two things that make the difference.Managers Have Subordinates; Leaders Have FollowersIn the corporate world, managers do what they are expected to do because they are subordinates, too. They report to senior managers who give them specific tasks to execute. Managers do their jobs because this is what they are supposed to and they expect their subordinates to comply with the company’s expectations not because they have no choice but because they are rewarded for doing so in the form of work incentive. When push comes to shove, managers can exercise formal authority-backed up by company policies.Leaders, on the other hand, do not have formal subordinates. Leaders have followers who will obey and listen to their ideas and follow them even without formal authoritarian control. Leaders do not need formal authority because they are charismatic and lead their people into transformation. The act of “following” a leader is voluntary. The act of “following” a manager is a requirement. This is best demonstrated in political and religious organizations. People have nothing to lose if they do not do not follow a leader but they have everything to lose if they do not follow a manager’s orders.Managers Accomplish Tasks; Leaders InnovateManagers typically check if the tasks are done. There is a set of roles that managers expect their people or subordinates to fulfill such as completion of production requirement, compliance to company policies, and cope with the day-the-day problems that occur at work. Managers are also good in organizing things and this is shown through the details of their plans and how they are able to meet the budget with few available resources. Managers plan how things need to get done and they also ensure that the plans are executed in the most efficient way possible.Leaders, on the other hand, focus on effectiveness. Leaders are not focused on the tasks that need to be completed but by how innovation will come to play in the organization; they have the long-range vision of where the organization is going. Leaders make the difference by transforming their vision into action. These visions are process changes in the workplace that will take the organization into new heights. Leaders also find resources instead of being constrained by budgets and existing policies. Leaders communicate to people; they let the people around them understand why the goals are in place and how the employees can align their personal goals to the company’s objectives.Leadership + Management: A Must-Have CombinationGreat leadership is promising. It will take the company or organization to new horizons. The people will be motivated by the leader’s charismatic influence and ability to inspire, persuade, and build relationships. However, we need to factor in the skills of a manager that a leader needs to make this vision come into reality.Without a manager controlling costs and seeing to it that the things go well as planned, the organization is bound to disintegrate. For a person to effectively manage and lead a group, he should have a certain degree of mastery of a manager’s skills and a leader’s vision, passion, and creativity.

Perfection – Medical Spa and Cosmetic Surgery – Cancun

As one of the world’s famous tourist destination in the world, Cancun, Mexico with its diverse scenic beauty and rich culture has also grown a worldwide reputation in providing some of the finest, outstanding and effective medical spa and plastic surgical procedures in the world. More people are now going to Mexico to pursue their cosmetic surgery treatment because of one solid reason, Mexico is whole lot cheaper compared to USA. Medical tourism and cosmetic surgery at Cancun is now getting famous and earning a lot in the field of cosmetic as it offers world class cosmetic procedures, experienced and well trained medical staff and surgeons.Different centers like Perfection of Cancun, Mexico offers the best of tummy tucks, breast implants, nose surgery and more. Exceeding the expectations of the patients and giving them the outstanding and unique quality services is the main goal of Perfection. Perfection provides qualified patient coordinators and image consultants from US, Canada and Mexico with more than twenty years experience in plastic surgery and aesthetic treatments. They are trained to explain to their patients about the treatment that best suits their needs. Medical Spa of Perfection has ten therapists specialized in operating lasers, radio frequency and ultrasound therapy.Furthermore, Perfection focuses on the treatment of photo rejuvenation, erbium laser that eliminate dark spots, stretch marks, scars and acne scars, tattoo removal, treatment of localized fat, spider veins and permanent hair removal. Their clinic at Cancun, Mexico has also room photography and photographers qualified for the surgeon to assess so customers can check through photos about the change Perfection Medical Spa and Cosmetic surgery achieved after the intervention. One of the single most important factors in the success of either surgical or non surgical treatments is determined by surgeons. Medical team and cosmetic surgeons in Mexico is friendly, compassionate and extremely knowledgeable and always makes you feel welcome. Other treatments offered by Perfection were Botox, Fraxel, Laser Depilation, Lumicell: Lymphatic Massage, Accent: Cellulite, Flaccid Skin, Laser Skin Resurfacing, Face Lift and lot more.So, whatever type of cosmetic surgery you are interested to perform, probably you will be likely to find cheaper prices in Mexico. You can also plan your vacations around your surgeries. It is quite good idea as you not only can relax and enjoy other recreational activities in this popular tourist country but also for faster recovery. As the term medical tourism evolved, it is beneficial to doctors as well as to the government and it is definitely more appealing.