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Loan workout

1st Service Solutions

1st Service Solutions is a commercial real estate advisory firm in Grapevine, Texas that represents borrowers with securitized debt. It says it invented the role of the commercial loan advisor and has acted as a borrower advocate for two decades, working nationwide across every property type and debt size.

The work falls into five lines. Surveillance covers one-off servicer consents and ongoing portfolio surveillance of securitized loan requirements. Assumptions covers CMBS, agency, portfolio, and recapitalization approvals. Workouts covers CMBS, bank, mezzanine, and CRE CLO debt. Option analysis runs a proprietary net present value analysis across seven modification options. The firm also operates Off Market XChange, a platform connecting owners with debt, preferred equity, and purchase capital off market.

The team is drawn from the servicing side: it describes its members as former servicers and former CEOs and managers of special servicing shops, with more than 100 years of combined experience in servicer shops, relationships with decision makers in servicing, and time spent on credit committees.

Engagements are consulting assignments and the site does not publish fees, so scope and pricing have to be established directly.

Best for

Owners of securitized CMBS, agency, or CRE CLO loans facing an assumption, a servicer consent, a modification, or a workout, who want someone who has worked inside a special servicing shop handling the negotiation.

What they do

  • CMBS loan assumptions
  • Agency and portfolio loan assumptions
  • Loan recapitalization approvals
  • CMBS loan workouts
  • Bank and mezzanine loan workouts
  • CRE CLO workouts
  • Loan modification option analysis (NPV of seven options)
  • Portfolio surveillance and one-off servicer consents
  • New loan document review
  • Off Market XChange (OMX) capital marketplace

What stands out

  • States that clients average assumption approvals in 60 days or less, against a 120-day industry average.
  • The senior team has more than 100 years of combined experience inside loan servicing shops.
  • Analyzes modification options with a proprietary system that runs an NPV analysis of seven options.
  • Operates Off Market XChange, a platform connecting owners with debt, preferred equity, and purchase capital off market.