Loan Servicing

By striving to exceed expectations with advanced communication both internally and externally, Business Partners leads the industry in commercial loan servicing through innovation, excellence, and technology to deliver member satisfaction. Business Partners will perform the following services for the life of the loan:

Billing and Payment Processing
Business Partners will process and mail billing statements to members. When a credit union is participating in the loan, Business Partners will prepare the monthly remittance and will wire the designated credit union its portion of the monthly payment.

Loan Compliance
Business Partners will monitor all loan covenants to ensure compliance for adequate insurance coverage, receipt of annual financial statements and verification of property tax payments.

Collection
Business Partners communicates with the member through telephone calls and the appropriate written notices. There are two types of late notices that may be used - a payment reminder notice and a late payment notice (the payment reminder notice can be particularly important to promote timely paying habits for new borrowers).

On-going Communication
We will communicate with you: approvals, declines and closings will be communicated as they occur. The Loan Status, Relationship, and Program Activity reports (loan list, total balance, new loans, fees paid) will be shared with the credit union on a monthly basis and/or quarterly basis. Significant event notifications (new product request, delinquency, other special information) will be shared between Business Partners and the credit union as they occur.

Loan Servicing (including covenant compliance and annual review) is also available on a fee basis for loans where the credit union holds 100% interest in the loan.

Annual Loan Review
Knowledge, integrity and accuracy are basic qualities of our annual loan review process. Business Partners is experienced in analyzing market trends while managing and resolving potential shortfalls to better serve its partners. We manage a wide range of asset types from retail, office and industrial to special use collateral including movie theatres, mixed use properties, museums, and creative office spaces. Our team is dedicated to identifying and addressing risks through loan surveillance resulting in quick resolution. See how our team can make a real difference in real estate performance by partnering with us.