How long does it take for you to complete the case once we fill out all of the paperwork?
Your commercial loan modification can be completed in as little as 30 days, or they can extend as long as 6 months or longer depending on your specific commercial loan modification requirements and financial capability of your business. The length of time for an approval for a commercial loan modification may also largely be dependent on the reason for the commercial loan modification.
How successful and experienced is your firm at completing a commercial loan modification?
We only assist companies that we feel that we can help achieve a successful commercial loan modification. This is largely due to our combined experience in assisting business owners in commercial loan modification and foreclosure assistance. Cases that are not successful typically result from situations where a client does not disclose accurate information regarding their current situation (example - bankruptcy, financial data, taxes, or legal issues).
Do I have enough time to get a commercial loan modification?
Until the mortgage on the commercial property has been called due, there is enough time for a business owner to get a commercial loan modification. TIME IS OF THE ESSENCE and action should be taken as soon as possible. Under normal circumstances, a commercial loan modification can be performed through a mitigation process with the lender. Mitigation takes approximately 4 weeks to 6 months, depending on the type of commercial loan modification. Your situation can be resolved up until the day before the mortgage is called due, but it is highly recommended to act as quickly as possible for the best results.
What advantages are there in using Alliance Commercial Group instead of other mitigation or commercial loan modification firms?
We are so confident in our services we will put it in writing. Other commercial loan modification companies may attempt to provide a solution to your company, but are unsuccessful due to inexperience and lack of knowledge. When this occurs, you lose valuable time and often cannot ultimately negotiate a successful commercial loan modification in time before the due date of the loan. Alliance Commercial Group is a recognized leader in loan modifications. We are commercial loan mediators and will carefully analyze your situation finding the most cost effective solution for you.
What is a commercial loan modification?
When you bought your commercial property, you agreed in the mortgage to have the mortgage paid in full on a certain date. At the time, that date may have seemed acceptable. With a sluggish economy and commercial property values at an all time low, it may not be possible to pay the off the loan on the specified due date. Alliance Commercial Group can provide a solution by assisting you with a commercial loan modification that can either extend the due date or lower your interest rate. Contact one of our expert consultants today to discuss the best solution for your needs.
Why will the bank work with you when they won't work with us?
Each lender is different, but they all want to get paid. If you can't pay off your note at the due date, the lender will lose confidence in your company. In trying to collect what is owed on the due date, the lender uses this to their advantage. We know your companies rights and the lender knows we are professionals and can't be intimidated.
When should we look for help?
If your commercial mortgage is going to be due within the next 12 months, seek help from a professional immediately.
Why don't we just borrow some more money to pay off the loan?
In today's fragile economy, lending institutions are less likely to loan as they were in the past, over-inflated property values make it even more difficult and the lenders are even charging higher interest rates and additional fees. Alliance Commercial Group can successfully negotiate a commercial loan modification that is best fits your exact situation.
We were told all we can do is sell our property or sign it over to another company, is this a good idea?
Signing your property over to another is a risky deal at best. If you are selling it, you will have a hard time getting what it is worth and if it sells for under what you owe the bank, you may still have to pay the bank the balance of what you owed and you don't have your property anymore. Explore all other options before you give up your property.
When is it too late to save our commercial property?
It is never too late until you give up. A commercial loan modification can be performed at any time before the loan is called due, but you take a huge risk by waiting. Even after the mortgage has been called due, there are options, but they involve buying the property back from the bank and these options can get very expensive. The lesson is, if you are within 12 months of your loan being called due, get help from a reputable professional.
How can we tell who to trust?
Unfortunately there are many companies out there that take advantage of people in distress. Find a company who will take the time to discuss your options and is not a front for investors trying to buy your property out from under you. Only go with companies that guarantee their services and have experience with commercial loan modifications.
Who does the negotiation with the bank?
We have a team of very experienced negotiators. But more important, our people know what it is like to be in a tough situation and are dedicated to helping business in trouble.
Why should we go with your company?
Companies that have commercial properties in distress are under tremendous pressure and often lash out at those who are trying to help them. Many companies have been betrayed often enough that they distrust any offer of help. Sometimes business property owners expect magic and are disappointed when reality sets in. This is when being a success in helping companies with a commercial loan modification is more than knowing the laws and how to deal with the lending institutions. It is earning trust and understanding people that make the difference. You want someone you are comfortable with and one who has a track record of getting results. Allow Alliance Commercial Group to help with your commercial loan modification.