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Commercial Mortgage Lenders: modification and extension

Commercial Mortgage Lenders:  $13.5 million loan modification and extension

This commercial mortgage lender originated a loan on a well located mixed use property in Los Angeles.  At the time of loan maturity, the property was mostly vacant with no practical refinance in sight.  Commercial mortgage broker Financial Compound worked with the borrower and lender to help determine a monetary value of the loan and structure a 7 year extension that should enable the borrower to execute its business plan.  Extension terms include a 3% interest-only interest rate, a $150,000 cash equity contribution by the borrower, a re-allocation of interest reserve into a reserve for TI and leasing commissions, conversion from recourse into a primarily non-recourse loan, no lender fee.

This transaction is a good example of the work that a well versed and honest commercial mortgage broker can provide to both the borrower and lender in analyzing and determining the best course of action for a troubled loan.

For more information see:  Commercial Mortgage Broker