Pub. 17 2020 Issue 3

Issue 3 • 2020 15 O V E R A C E N T U R Y : B U I L D I N G B E T T E R B A N K S — H E L P I N G N E W M E X I C O R E A L I Z E D R E A M S will be rolling off over the next few months. Provide a YE 2021 projected income statement too. 6. Guarantors. All guarantors should provide a current personal financial statement, along with verification of current liquidity. They should also provide a detailed Real Estate Schedule showing all properties, any debt, and loan maturity dates and an explanation as to how the pandemic has affected those properties now, and on an ongoing basis. A decline in other properties owned will have a diminishing effect on the guarantor’s liquidity and overall cash flow. We are all still adjusting to this crisis. However, we can ensure we better understand our customers’ needs with a thorough discus- sion with them. These questions should pave the way for you. n Jay Kenney is SVP and Southwest regional manager for PCBB. www.pcbb.com | jkenney@pcbb.com. property is located? Which tenants in the property have been deemed essential? Have any of the tenants received a PPP loan? Have any of the tenants closed, either temporarily or permanently? 2. Collections status. What is the current status of your lease/rent collections for the last few months? Are any tenants past due for base rent or common area maintenance payments? 3. Tenants’ status. Have any tenants requested (or were they offered) rent deferrals, forgiveness, or lease renegotiations? If so, what were the terms, (i.e., 3-6 month payment deferral, interest-only deferral, etc.)? 4. Operating expenses. What effect has the pan - demic had on your properties’ operating expenses (i.e., increased costs for cleaning and maintaining common areas)? 5. Income statements. Provide a year-end (YE) 2020 projected income statement considering projected decreased rental income and decreased net operating income. This is important since payment deferrals The Advisors’ Trust Company ® Zia Trust, Inc. 505.881.3338 www.ziatrust.com 6301 Indian School Rd. NE Suite 800, Albuquerque, NM 87110 We work alongside your customers’ investment advisors Providing Peace of Mind » Zia can serve as an independent corporate trustee, personal representative, or financial power of attorney. » Team of 13 trust officers with vast backgrounds. » Corporate fiduciary services ensure the family estate plans are accomplished as intended. » Always personal and attentive client engagement.