You may have been hearing more and more about this and with good reason. As millions of business owners have become saddled with adjustable rates and no longer have the ability to refinance into a new loan, we may have the solution.
Loan modification what does it mean?
Loan Modification is when a lender modifies an existing mortgage by changing the terms of the note. The interest rate, term, balance, or late fee may all be modified. Until recently this was only done for delinquent borrowers, however with the commercial real estate market conditions it is now used before borrowers reach this stage. Commercial loan modification is becoming one of the best alternatives for commercial lenders and borrowers alike.
A Fresh Start
By making your loan more affordable your business can get back to making a profit again. Many lenders will refinance any current delinquencies back into the note.
Lenders Negotiate
When borrowers have financial difficulties and have alternative financing options, lenders are open to negotiate. We demonstrate to lenders why it is in their interest to work out a new arrangement with you. Lenders are often willing to reduce the interest rate, monthly payment amounts and/or loan term to allow you to avoid foreclosure and avoid a loss in their commercial real estate portfolio.
Do Lenders Want To Foreclose?
No! It is very common for lenders to lose money on foreclosures. If they are forced to claim ownership of a property their costs in maintaining the property, taxes, and sales expense only add to their losses. Add these costs to lower market values and you can see why lenders do not want to foreclose.
Commercial loan modification can be a complicated process that involves several stages and parties. Although it is possible to do on your own, most individuals do not have the time or the training to do so. Let us use our expertise to help turn a no into yes.
What Our Clients Say...
I called Surefire when I thought our business was gone. We owned our apt building for 38 years, and the bank called the note for no reason. I did not know what to do.I had never of a commercial loan modification. I called you guys and you went above and beyond the call of duty to help us. We now have a modified loan with interest only payments for 5 years. We can get back on track.
Thanks for everything - Mary P
I want to thank everyone at your company. We filed a bankruptcy to save our dealership. We were behind on one dealership, and the other dealership secured the delinquent dealership. We were about to loose them both. We asked the attorney what could be done. He told us he would get back to us with solutions. He told us to call you. He called and your company was willing to work with our attorney. we called other companies, and they said they could not work with us if we had an attorney. Your company stopped the foreclosure and we are back on track
I wish your company much success - Brian V
