WFCM 2024-5C1 – Deal Overview & Connected Data

The Loan transferred to special servicing on 2/19/2025 due to payment default. At ASC's direction, counsel filed a foreclosure complaint, a motion for the appointment of a receiver and initiated a lawsuit against the guarantor. In May 2025, the judge approved the receivership motion, however, Borrower filed bankruptcy shortly thereafter to prevent the receiver from taking over operations of the property. Counsel conducted the rule 2004 examination in July and filed the lift stay motion in August. In response to Lender's motion to lift stay, Borrower filed a reorganization plan but the plan lacks details. Recently, the court granted full stay relief after Borrower failed to perform per the terms in a prior stipulated order. ASC is Working with local counsel on resuming the foreclosure action and coordinating the reappointment of the receiver. Recently, the judge entered an order granting default judgement against the guarantor.

The loan was transferred due to payment default and borrower's failure to pay the insurance premiums resulting in cancellation of the policy. The Special Servicer defaulted and accelerated the loan and subsequently posted the properties for an 8/5 foreclosure sale. The parties reached agreement to pass the foreclosure sale to provide additional time to negotiate a resolution. The property was reposted for a 9/2 foreclosure sale and the parties agreed for a second time to pass the foreclosure sale in exchange for a standstill payment. The parties later reached an agreement in principle for a forbearance that would resolve the default. However, borrower subsequently advised that it would be unable to tender the funds necessary to facilitate t he reinstatement. The special servicer anticipates completing a foreclosure sale in the near term. Borrower filed bankruptcy on 11/3/2025.