TRD Tips: How to manage when you’re a landlord late on the loan

Workout expert Robert Verrone joined TRD Tips to explain how he’s doing “open heart surgery” on loans

National /
Feb.February 08, 2021 08:30 AM

What’s the best option for a landlord who’s fallen behind on the mortgage?

“The short answer is, you go to your ATM machine, you put in your code, you get some cash, and you pay your lender. That’s always the easiest solution,” Ironhound Management’s Robert Verrone told The Real Deal editor-in-chief Stuart Elliott for the latest edition of TRD Tips. But as he quickly explained, it’s rarely that easy.

Verrone, one of the most experienced players in working out bad loans, left Wachovia Bank in 2009 to start his own business working out busted securitized loans.

At the beginning of the pandemic, Verrone likened the workouts he was doing to “root canals on loans.” Now, he said, it’s more like “open-heart surgery.”

Despite the challenges landlords face — dealing with some tenants who aren’t paying rent and others who seek loan forbearance — there are options. Check out the video above for all of Verrone’s top tips.


Related Articles

arrow_forward_ios
Larry Korman and Joe Lubeck (iStock)
Electra America, AKA launch $500M hotel fund
Electra America, AKA launch $500M hotel fund
Ryan Serhant and Gary Barnett on Development Slowdown in Pandemic
Coffee Talk: Extell’s Gary Barnett and Ryan Serhant
Coffee Talk: Extell’s Gary Barnett and Ryan Serhant
Adam America's Omri Sachs and Dvir Cohen with 2503-2509 Broadway (Google Maps; Adam America)
Adam America secures $63M in financing for Upper West Side project
Adam America secures $63M in financing for Upper West Side project
Macerich’s Queens Center Mall (Photo via Macerich)
Macerich’s Queens Center Mall emerges from special servicing
Macerich’s Queens Center Mall emerges from special servicing
A new report argues that distress and declining values in rental properties is an opportunity for decommodification of multifamily buildings. (iStock; Chart via Furman Center)
Tenant group sees opportunity in multifamily foreclosures: report
Tenant group sees opportunity in multifamily foreclosures: report
Charles Kushner and 229 West 43rd Street (Getty, Google Maps)
Kushner Companies no longer delinquent on Times Square loans
Kushner Companies no longer delinquent on Times Square loans
The Burnsville Center Mall in Minnesota and CBL Properties founder Charles B Lebovitz (Photos via Facebook; CBL Properties)
Mall-pocalypse now: Minnesota mall loan sells for huge discount
Mall-pocalypse now: Minnesota mall loan sells for huge discount
161 Maiden Lane and Fortis CEO Jonathan Landau (Google Maps; Fortis)
Construction loan tied to “leaning” Seaport condo up for sale
Construction loan tied to “leaning” Seaport condo up for sale
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...