Outsourcing Refinancing Tasks with Property Works: Obtain Landlord Consent With Ease
Property Works streamlines refinancing requirements for business operators
The process of obtaining landlord consents across entire lease portfolios is notoriously complex. Mail merges, ongoing correspondence with landlords, and other minute tasks demand meticulous time and attention for the refinancing to close. Whether it’s whole business securitization or an acquisition, business operators require a dedicated team to guide them through the maze of administrative and technical requirements.
Typically, that team consists of law firms and banking institutions already engrossed in other pressing matters, resulting in:
Attorneys and lenders pulling their teams away from other top-line issues to focus on administrative tasks
Clients paying hourly fees to attorneys with specialized skill sets, only for those talents to be used on administrative tasks
This is where Property Works can help. As the only lease-management company that specializes in securitization, refinancing, and acquisitions support, we offer a solution to the time-consuming process of obtaining lease requirements. Property Works does this by streamlining the process at scale and taking the minutia off the lenders’ and attorneys’ to-do lists.
“Obtaining landlord consents is a small piece of the puzzle with regard to refinancing or acquisition projects,” says Laura Simms, Project Coordinator at Property Works. “By handling the administrative aspects, we give our clients the ability to focus on the more important deliverables they need to close.”
Our experienced team knows how to communicate with landlords.
Having been in the business of tenant representation and lease management since the ’90s, our forte is acting as effective liaisons between business operators and landlords. We leverage that expertise to help clients properly draft refinancing communications, and in the case of whole business securitizations and acquisitions, Property Works shoulders the responsibility of getting landlords to agree to consent.
“When a release is required, landlords can be hesitant to provide consent, even if the deal clearly benefits them,” says Jimmy Rabb, Sales Manager at Property Works. “We assure the landlords without requiring our clients’ initial involvement. Our clients don’t have the time to have conversations with every landlord, so we take care of it for them.”
We guide business operators through the administrative maze.
One of the most time-consuming aspects of consent and approvals is handling the administrative and technical paperwork. By providing this service, we remove that painstaking process from clients’—and their attorneys’—plates.
Property Works’ dynamic real-estate management platform streamlines the process and protects clients’ interests through documented data and ownership trails, which lenders will need to see to approve the refinance. We abstract and record correspondence and documentation into the system, so our team and clients can keep track of each individual property.
“Our system allows you to customize,” says Simms. “Whether it’s a whole business securitization or something smaller, our software is created for the client based on the project. We update, change, and make revisions to the software based on the project’s variables.”
That means that the system can be easily modified so that each property has its own record and page, and is categorized by priority and status. Moreover, real-time reporting gives clients the ability to check in on each location’s consent and approval status instantaneously.
Depending on the project, Property Works performs the following tasks:
Communication with landlords via phone and email
Tracking and updating of landlord correspondence and property data
Recording of specific locations and contacts
Distribution of collateral and time-sensitive materials
Answering all landlord questions
Following up frequently to keep the process moving forward
Collection of executed consent letters
Bottom line: Property Works has the tools and experience necessary to operate efficiently at scale and meet deadlines, all while granting attorneys and lenders the time to focus on more pressing issues for their clients’ refinancing needs.
“We make consent and approvals a streamlined and smooth process,” says Rabb. “We will guide our clients through the process so they save as much time and money as possible.”
And at the end of the day, a satisfied client will thank their attorney and investment institution for prioritizing their time constraints and budget.