Posts Tagged → commercial loan modification
Loan Terms And The Commercial Loan Modification
Why a borrower usually gets caught up in the idea of a commercial loan modification is largely due to a sudden incapacity to continue fulfilling obligations in accordance with a loan contract. In some cases, these ideas can be chocked up to sheer laziness, and an almost criminal negligence about one’s own financial wherewithal to fulfill such obligations in the first place, before the loan arrangement’s even signed. In some cases, a borrower’s suddenly hit with some catastrophic event that renders the borrower and/or the business unable to fulfill the borrower’s obligations in accordance with the loan contract. The issue, though, is that loan contracts usually, and we’re talking 90% of the time, cover most exits, exits from the perspective of either the borrower or even the lender. So before the borrower even considers a modification, he or she should first reread the text of the loan.
