Since 1990, Situs has been a leading provider of third party servicing and asset management of commercial real estate mortgage loans. A rated Primary and Special Servicer, we provide flexible solutions to today’s highly complex structures. These include mezzanine debt, A/B subordination notes, participations, collateralized debt obligations (CDOs) and commercial mortgage-backed securities (CMBS). Our professionals have extensive experience servicing all loan types and sizes for life insurance companies, investment banks, hedge funds, B-Piece investors, other portfolio lenders and buyers of notes.

Situs services include cash processing and cash management, tax and insurance administration, escrow analysis, investor reporting, UCC administration, reserve and draw management, site inspections, asset summary reviews (ASRs) and portfolio management reporting.

We provide customized and CMSA-compliant loan management reports using LMS™, a fully integrated commercial real estate loan servicing system from SS&C Technologies. Using this single database repository increases efficiency and flexibility, enabling us to provide our clients with accurate, timely, and useful reports.

We support every engagement with a dedicated team led by a senior Situs portfolio manager who serves as the primary point-of-contact. This streamlines the communication process and helps ensure that both lender and borrower requests are fully addressed in a timely manner. With an average of more than 18 years of industry experience, our servicing professionals, coupled with our extensive staff of due diligence analysts and loan underwriters to create fully integrated, customized loan servicing solutions.

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Cash Processing & Investor Reporting

Situs provides monthly billing statements, automated clearing house (ACH) payment management, daily cash movement and reporting, early stage collections, and management of cash waterfall activities. Depending on the investor’s needs, we provide daily, weekly or monthly remittance reports.

Tax & Insurance Administration

Situs carefully reviews loan documents to determine insurance and tax payment requirements. If specified in the loan, Situs will establish and maintain escrow accounts for the timely payment of mandatory property taxes and insurance premiums. If the loan requires that the borrower make the payments, Situs will verify the payments were made. We provide escrow analysis as needed or annually at a minimum to confirm that the funds held in the escrow accounts are sufficient for the projected periodic payments.

UCC Administration/Lien Releases

Situs facilitates the filing of renewals of Uniform Commercial Code (UCC-1) forms, to ensure that the personal property that was included in a commercial mortgage transaction is maintained as perfected collateral. We also arrange for the issuance of partial or full lien releases.

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Reserve and Draw Management

Situs carefully reviews a loan to determine its requirements for establishing reserve balances for anticipated and unanticipated expenditures at the property level, such as for repairs, remediation, replacement, tenant and capital improvements, construction, and debt service. We set up separate reserve accounts and follow each loan’s approval guidelines before prompt disbursement of funds to the borrower. We report each account’s activity on a periodic basis to ensure balances are maintained at the levels specified in the loan at all times.

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Asset Management

Situs performs property inspections and facilitates surveillance activities, including periodic analysis of financial statements, rent rolls, and operating statements. We prepare asset summary reports (ASRs) and provide complete portfolio management reporting to ensure that borrowers remain compliant with the terms of their loans. We also offer assumption loan processing, working with prospective lenders, borrowers, or servicers to guide assumptions through the approval process.

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Private Label

Situs offers lenders the opportunity to have their commercial mortgage servicing functions provided under their own name. Under this option, we use our client’s branding in all communication with borrowers in order to create seamless lender/borrower relationship.