What is a Commercial Loan Modification?
Due to the economic recession, tenants are finding it difficult to pay their rent. As a result, commercial property owners are unable to pay their mortgages. Faced with such debts, commercial lenders are willing to restructure the terms of delinquent loans through modifications in order minimize losses and avoid expensive foreclosures. What type of commercial property loans can be modified? How does a Commercial Loan Modification help? If you would like a free consultation with one of our agents, please register here:
Condominium and Apartment Complexes, Health Care Facilities, Hospitality Properties, Hotels and Resorts, Industrial and Manufacturing Warehouse Facilities, Land Development, Malls, Strip centers, and Restaurants, Mobile Home Parks, Multi-Family Properties, Office Buildings and Complexes, Rental Properties, Retail Properties
Avoids foreclosure, Reduces interest and/or principal amount of loan, Provides immediate economic relief.
Who should be interested in a Commercial Loan Modification?
If currently in foreclosure, if one payment has been missed, if behind on payments, if it is difficult to keep up with monthly expenses, if economic hardship is anticipated.
How long does the modification process take?
A modification can be done in as fast as 4 weeks or can take up to 6 months to complete, therefore, the average expected time should be between 3-4 months however each loan and lender is different, results may vary.