Modifications can include:
- Extending the length of the loan
- Reducing the interest rate of the loan
- Lowering the principal
- Amending scheduled balloon payments where these apply
- Other restructurings
The best time to approach this process is before you become delinquent on your commercial loan so that you do not begin in arrears. Your first step would be to ensure that you thoroughly understand the existing terms of your loan documents and the options that may be available to you.
