McCarthy Law: Successfully Guiding Your Business Through Commercial Loan Default
Commercial loans are normally for large sums of money, and approved only after a lot of time and effort on the part of the commercial lender and borrower. Commercial loans then have a strict set of guidelines that borrowers must comply with, and are normally secured with the asset purchased as collateral for the loan. A typical commercial loan for a business is a mortgage taken out on real property, where the lender has a secured interest in the property.
The reality for some businesses, though, is that their current financial situation just won’t allow them to repay their commercial debt or even make minimum installment payments. When a business is unable to make a required payment on its commercial loan, it is in default, and this can lead to serious consequences for the business and its owners. A commercial loan default often leads to foreclosure proceedings on the property of the business in order for the lender to recoup as much money possible as repayment for the commercial loan.
An Attorney Negotiated Debt Settlement Can Help With Your Commercial Loan Default
Though commercial loan default rates are falling across the nation, businesses are still facing the realities of commercial loan pressure. If your company is nearing commercial loan default, there are options that are available to meet your company’s needs. By negotiating with the lender directly, our attorneys are able to negotiate large reductions in principal and interest so that the loan can be settled in one lump sum that is a fraction of the original balance. We can also do debt settlement for SBA loans. These settlements help a struggling business free up cash flow that can save the business or allow the owners to move on with their lives. All of our negotiated settlements are done with the objective of avoiding bankruptcy.
Commercial loan negotiation is more than obtaining a concession from a lender, as it provides a solid strategy for your business to turn itself around and unlock its profitability. The longevity and health of your business can hinge on the restructuring deal it receives, so it’s important to seek the proper advice to propel your company into the future. Before restructuring any of your business’ commercial loans you should contact a lawyer who is experienced at arranging these terms with creditors.
If your company is facing a foreclosure or a commercial loan default, a strategy is needed to ensure that your company is ready to successfully face those challenges. McCarthy Law has experienced attorneys that have dealt with the intricate facets of commercial loan defaults and restructuring, and are ready to help you today. They understand the laws regarding loan modifications and how to best represent your case to your lenders to achieve a solution most favorable to your business. Contact us today to arrange a free consultation to talk about what McCarthy Law can do for you commercial loan needs.