So I work for a small, privately owned business that did a building expansion 11 years ago. They of course had to get a loan for the improvement. The terms of the loan was 10 years with a balloon payment at the end of $700k. For the entire 10 years the loan was paid on perfectly, no late payments, no penalties, no problems. The loan was done in October of 2008 and the bank wanted the remaining $700k. Typically this balance is again given to a bank to finance. Except this time the bank that received the 10 years of perfect payments will not turn the loan over. The company has again and again applied for and spent months fulfilling requirements for bank loans and at the end of the process they are told, sorry no loan. The property apraises at 1.7 million more than twice what the loan balance is for. I though that our wonderful government had put in place policies that will help small businesses to stay open. This business is has been open for more that 80 years and has grown from one location to six, a simple building load should be easy. Well now they are looking for private investors. If you know someone who want to invest in commercial property and earn 8% on your money then email invest@closelumber.com for more information.
