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Why Would You Need a Loan Modification for a Strip Mall?
By admin | November 30, 2009
If your company is experiencing losses as a result of less tenants and less rent, it may be time to consider a loan modification for the strip mall. This will restructure the loan to provide your business more time to repay the mortgage. The bank or lender may agree to making changes in the terms of the loan because it does not want to undertake an expensive foreclosure procedure, especially with a crisis in commercial real estate. There might be no interested buyers when the strip mall is auctioned. The lender or bank does not relish the thought that there will be another addition to its inventory of unsold properties.
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