Commercial Loan Modification:
There have been tough economic times for some borrowers with baloon payments as of recent. With so few Commercial Lenders willing to extend, or make, new loans, —- many innocent commercial borrowers may be facing foreclosure, similar to what happened during the Saving & Loan Crisis in the late 80’s to early 90's.
For those business owners with commercial property(s) caught between a rock and a hard place, our experienced "Commercial Improvement Division" will make a no cost analysis of your situation and, if your circumstances qualify, we can probably pro actively negotiate a “Commercial Loan Modification” with your present lender so you may continue to own and manage your commercial property under favorable terms.
What we do:
Commercial Loan Modification consists of negotiating a renewal and modification of your present commercial mortgage with the following, but not limited to, potential results:
· Recast the present outstanding balance into a new longer term amortization schedule, thus lowering P & I payments
· Change adjustable interest rate to a fixed interest rate;
· Reduce fixed interest rate to a lower fixed interest rate;
· Reduce the balance of the principal amount of the loan;
· Reduce adjustable interest rate & reduce CAPS of adjustable interest rate;
· Stop upward adjustment of adjustable interest rate;
· Arrange for the delinquent payment amounts to be added to the end of loan;
· Arrange for the delinquent payment amounts to be added to a longer loan period;
· Arrange for the delinquent payment amounts to be accepted in an alternative payment plan;
· Eliminate or reduce the delinquent payment amounts;
· Arrange for the lender to accept a discounted pay-off or forbearance.
If you have a balloon payment coming in 2010, start early to explore your options. Many lenders will lead you on by saying they will renew your loan, only to deny your loan at the last minute, don’t get trapped. Only a "written commitment" can be relied upon.
If you are well qualified and have decent equity and positive cash flow in your property, but you present lender doesn't want to renew your loan, we can probably refinance you with ease.
If we cannot refinance your property due to distressed commercial values or credit and/or cash flow credit issues, we will have our "Commercial Improvement Division" attempt to modify your loan with your present lender.
A successful commercial loan modification will generally cost less than a refinance and normally result in better terms and conditions than a refinance.
If you need immediate help due to an impending Foreclosure, go our "Forms Section" at and download our "Loan Modification Pre-Qual Form", fill it out and return it to me via email or Fax. There is no charge for our pre-qual service, so you have nothing at risk and the possibility of a solution.
If your pre-qual looks good, the odds are good that we can resolve your loan problem and get your business life back to normal.
If you want more details on our success rate in this area, feel free to call me.