Another successful workout completed owner saved big bucks

[Jack Miller]

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 savings to the owners…… Not a bad day

What’s your experience with banks in today’s environment?