Workout Process
Step 1: Due Diligence
- Review the Loan File
- Inventory the Collateral
- Understand the Lenders
- Evaluate Operations
Step 2: Establish Communication
- Order Searches
- Consider the Intangibles
- Obtain Financial Statements
- Send a Default Notice.
Step 3: Evaluate your Options
Step 4: Develop a workout strategy
- Consider the objectives of lender and borrower
- Evaluate strengths and weaknesses
