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For small business owners who have been hard hit by the economy we offer commercial loan modification. We have a proven track record of negotiating reduction of interest rates, lowering monthly mortgage payments and even forgiving or deferring portions of principal balance.
Commercial loan modification is difficult, lengthy and labor-intensive. Most small business owners are consumed by the task of running their businesses and do not have either the time or the expertise to go head to head with their lender on financial matters. In addition, commercial loan modification can be a dangerous enterprise for the unskilled as lenders have "nuclear" options not available to residential lenders such as receivership.
We assess a client's complete financial portfolio in the demographic and economic context of their industry, product or service sector. We factor in actual vacancies, geographical and industry-wide vacancy rate and future income. Our representations to lenders are therefore respected and based on solid fact and a firm financial footing.
A successful workout requires expertise and experience and our Firm takes pride in advising clients of the risks, negotiating strengths and strategies of any workout.
We are sensitive to our client's long-term financial health and this is reflected in a "business first" approach to a successful resolution of issues.
A loan workout is a good first step on the road to financial recovery but it cannot solve all of a client's financial problems. As we look at a client's complete financial profile we also assess for sustainability of modified terms. Client's are encouraged to prioritize their expenses and take additional necessary steps to stay on the road to financial wellness. Other considerations may include debt consolidation, strategic reduction of expenses, insurance, liquidation of assets and even the protection and restructuring power of bankruptcy when needed.