CRE Tenants and Coronavirus

[Kostas Vassalos]

Hello CRE Investors,

We have a strip mall with 10 small businesses. Most of them closed down last week and the rest are about to close down. One of the tenants has reached out to our property manager and asked not to pay rent for the two months and work out a plan after that to catch up the missed payments. I understand where they are coming from as their is uncertainty of when they will be able to reopen. But I cannot just give two months free because all the other tenants will ask for the same arrangement and we still have to make the mortgage payment at the end of the month. Any advice on how to tackle this situation? Has anyone developed policies/contingent plans to support small business tenants throughout this period of uncertainty? 

Thanks,

Kostas

[Scott Mac]

Hi Kostas,

This may help YOU and your tenants: https://www.sba.gov/page/coronavirus-covid-19-small-business-guidance-loan-resources

Look at the special loans for the Virus.

Good Luck!