Need a Modification?

All modifications require updated information which includes: financials, interims, payments, taxes, and insurances. Please note that all modifications are subject to a legal/servicing fee and additional information may be required; however, the below outlines the core materials needed for the modification.
 
For more information regarding modifications, please contact Justin Nadeau. Email Justin.
 
Subordination (with no new money)
  • Commitment Letter
  • Payoff letter
  • Updated Appraisal (if bank requires it)
 
Subordination (with new money)
 
  • Commitment Letter
  • Payoff Letter
  • Contractor Estimates or Paid Invoices
  • Updated Appraisal (if bank requires it)
 
Ownership Change
 
  • Provide a brief description of why ownership is changing
  • Transfer document (along with any notes involved)
 
Release/Substitution/Sale of Collateral (including personal and corporate guarantees)
 
  • Provide a brief description as to why there is a release/substitution/ collateral
  • Identify the collateral that will replace the existing collateral that is being requested for release, substitution, or sale
  • Please note, all net proceeds are subject for loan repayment
 
Dissolution of Entity
 
  • Provide a brief description as to why there is a dissolution of the entity
  • Submit dissolution document filed with state
 
Assignment of Mortgage
 
  • Provide a brief description as to when this will occur and why a mortgage is being assigned
  • Exact name and address of bank
 
Selling OC and Leasing Building
 
  • Provide a brief description as to why there is the  sale of a building
  • Copy of lease
  • Please note, this is a default to the Loan Agreement
 
Eminent Domain (State buys part of property)
 
  • Provide a brief description of what the state is doing with the property
  • Copy of Purchase Agreement

 

 

 

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