Podcast

Zen and the Art of Real Estate Investing with Jonathan Greene

328: What You Need To Know About Commercial Mortgage-Backed Securities with Michael Cohen

In this episode, Jonathan’s guest, Michael Cohen, dives into the intricacies of commercial loan modifications and the strategies that protect investor interests. He explains why capital, asset quality, and operator expertise are critical to successfully navigating workouts and restructuring agreements.

Michael also discusses the risks borrowers face when handling complex loan servicing without experience. Many owners unknowingly allow servicers to take advantage of them, diverting focus from property operations and strategic decision-making. Partnering with knowledgeable advisors ensures investors remain in control.

He emphasizes patience when renegotiating CMBS loans, outlining how timelines and fee structures require a deliberate, methodical approach. Understanding this process helps investors preserve resources and achieve favorable outcomes without unnecessary stress.

In this episode, you will hear:

The three keys to a successful loan modification
Why borrowers are often taken advantage of by servicers
How to maintain control and strategic decision-making during workouts
The importance of the operator’s expertise in loan negotiations
Why patience is critical when renegotiating CMBS loans

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