Balloon Is Expiring
I have a commercial loan that has a 5 year balloon. The loan will come due soon and I assume that the bank will renew the loan due to my good standing with them. My question is, do you know what is typically involved when renewing a loan after the baloon is due? This was a 15 yr amortized loan with a 5 year balloon. Do banks normally charge all the same fees as they did to begin with (appraisal, loan origination, attorney fees, etc...) or is it as simple as just doing a minor adjustment and lengthing the balloon?
[ Edited by tpstexas on Date 12/10/2009 ]
in this market nothing is typical or simple.
Start shopping for a loan ASAP.
Thanks smitnlit, appreciate it. Question for you - if you find the homeowner and have a contract, sent the low ball offer to the shorting bank, do you need to list the property? and if so, do you list at the low ball price you initially offered? Pls advise.