H. Jack Miller's Blog – August 2012 Archive (2)

Another successful workout completed owner saved big bucks

Just completed another successful work out with a bank:

The short version is the property was a retail shopping center with a cash flow, but the ownership was unable to refinance. The current loan had matured and the lender wanted it paid off, first they raised the interest rate, then they put it in default. The outcome was they gave the ownership a 24 month deal with a 20 year amortization. No fees or costs and dropped the rate by 300 bp to 5.5%, It worked out to a $74,000.00 annual…

Continue

Added by H. Jack Miller on August 4, 2012 at 6:54pm — No Comments

© 2021   Created by Admin.   Powered by

Badges  |  Report an Issue  |  Terms of Service