Brick-and-mortar stores in the U.S., especially drugstores, are undergoing a seismic shift. Recently, CVS announced the closure of over 900 stores across the nation, marking a significant transformation for the largest chain store in the U.S. These closures are just one example of how the retail industry is grappling with challenges in the post-pandemic world. For hard money lenders with agreements secured by retail and commercial real estate, this development and other similar changes could have significant implications. If you suspect that your real estate properties may be headed toward foreclosure, there are a few ways to prepare.
Read our blog below to learn more about the growing issues many retail stores are facing, and how your business can prepare to protect your assets.
How The CVS Store Closures Affect Hard Money Lenders
CVS, along with other chain drugstores in the U.S. (RiteAid, Walgreens) are struggling to recover after the COVID-19 pandemic. Many stores are considering consolidating their services. This is due in part to the company’s attempt to keep drug prices low while mitigating losses.
Another prominent factor in store closures is the spike in shoplifting and retail crime, which has left its mark on retail stores across the nation. The rise in shoplifting and retail crime has severely impacted drugstores’ bottom lines, prompting them to make tough decisions about their store operations.
In response to these challenges, CVS has taken the step of closing more than 900 stores nationwide. These closures signify a significant shift in the industry. For hard money lenders who often invest in commercial real estate, these closures may domino into other retail, real estate properties. An immediate concern includes foreclosure. Lenders may find themselves in a position where foreclosure becomes necessary to mitigate their losses and regain control of the property.
Learn more about the current state of commercial real estate when you read our 2023 update blog.
Total Lender Solutions: Your Partner in Foreclosures
For hard money lenders, being proactive and informed is crucial when dealing with these challenges. One way to manage these challenges effectively is by enlisting the services of third-party foreclosure services like Total Lender Solutions. Our team handles foreclosures for hard money lenders, allowing your team to focus on serving your customers and minimizing the risks associated with property closures.
The professional team at Total Lenders Solutions can help teams like yours create a comprehensive foreclosure action plan, building a customized approach to help lenders navigate the complexities of property foreclosure. Maintain the peace of mind that comes with professional guidance and a tailored strategy for foreclosing real estate.
Total Lender Solutions is here to help you navigate through the rapidly changing real estate market. The Team at Total Lender Solutions is intimately familiar with the nonjudicial process in Texas, California, Arizona, Nevada, Oregon, Missouri, and Washington.
Don’t go through the commercial foreclosure process alone. Partner with Total Lender Solutions, a trusted name among commercial foreclosure companies, and get your customized Foreclosure Action Plan. Our experienced team is here to guide you through the process and help you achieve the best possible outcome.
Fill out a form today and let us assist you.
