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10 Commandments for a Successful Loan Workout

By Andrew Flame

While we obviously have had our fill of difficult economic news the past few years, all signs point to more challenges ahead. Specifically, there are indications that commercial real estate loans are on increasingly shaky ground. A new study from Real Capital Analytics shows that in the first quarter of 2010 the default rate for commercial mortgages held by banks hit its highest level since in 18 years ' and is expected to keep rising for at least another year. See http://www.reuters.com/article/idUSN2426910920100524?type=marketsNews.

Before long, businesses of all sizes will find themselves having difficult discussions with their lenders regarding loans in default or which will be maturing and for which the real estate and other collateral provide questionable value as security. While businesses obviously need to work diligently to avoid these circumstances, they also need to prepare for the worst. With that in mind, here are 10 commandments for a successful loan workout.

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