PenTrust services all of the loans and investments for The ERECT Funds and also services loans for
other financial institutions and funding sources. PenTrust's servicing department has a solid reputation
for the highest level of support and personalized assistance for all parties involved. PenTrust emphasizes
the need for active communication, and our knowledgeable staff can answer questions regarding balances,
payment application, escrow account information, as well as discuss leases and loan terms. State-of-the-art
electronic technologies are employed for transaction administration that allow for an immediate response to
unexpected situations and help provide for a cooperative business like relationships among all parties.
PenTrust manages investment portfolios by providing the following services:
- Collection and Application of Investment Payment: Continuously during the term of the loan or equity investment, PenTrust prepares invoices for payments due (this includes principal and interest payments, escrow payments and preferred return payments) and receives and applies all payments due under the investment documents. A complete and accurate account of all such amounts invoiced and collected is maintained and monies are deposited with Trustee or Bank Lender or Investor no later than the next business day with a detailed report showing payments applied to each loan. PenTrust notifies Trustee or Bank Lender of any payment that is past due and pursues collection of late fees when applicable.
- Collection of sufficient funds for real estate tax and insurance escrows when applicable under the investment documents: PenTrust as escrow agent, prepares escrow analysis and adjustments as required, collects deposits and holds funds for payment of real estate taxes and insurance premiums or for any other designated purposes under the investment documents, and makes timely disbursements of such obligations.
- Collection of evidence of real estate tax payments annually: PenTrust verifies that tax payments have been made by collecting tax bills, tax receipts and cancelled checks along with tax confirmations signed by borrowers or partners that all real estate taxes billed have been paid in full for each property.
- Collection of Insurance Certificates evidencing coverage of the security as required in the investment documents ensuring investment is fully insured and properly documented.
- Preparation of UCC Financing Statements - Prepare for signing, filing and recording on a timely basis, and also for termination at release of mortgage.
- Coordination of satisfaction documents, termination and/or release of mortgages, assignment of leases (prepare for recording) as required.
- Examination of Construction Draws and Capital Calls: Review and analyze draw requests from borrowers or capital calls from General partners, update each budget, review construction inspections reports, AIA Forms and invoices, prepare title endorsement and disbursement.
- Collection and review of annual financial statements, operating statements, rent rolls and other required information from borrowers or partners in accordance with investment documents.
- Preparation of verbal and written inquiries made by borrower, lender, investor, independent auditors, etc. that occur in the normal course of loan servicing such as loan payoffs, mortgage satisfaction, releases, modifications, audit confirmations and various borrower or partner requests requiring lender/investor review, response and/or approval.
- Inspection of properties on annual basis and preparation of reports.
- Calculation and collection of payments from participating mortgages, limited partnership interests or property sales proceeds in conjunction with all of the above.