COMMERCIAL LOAN MODIFICATION FOR RAW UNENTITLED LAND
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A commercial loan modification for raw land may restructure your loan to reflect the current market value of your property. With the current economic crisis bringing real estate development to a near standstill, it is very likely that the raw land you purchased with the hopes of a future development has dropped substantially in value. Our commercial loan modification attorneys will conduct a comprehensive analysis of your raw land to determine its current value. Our analysis will include a determination of highest and best use of the property and will take into account any comparable sales of raw land in surrounding areas.
With this information in hand, our lawyers will create a professional commercial loan mod proposal to present to your lender. This proposal will provide the bank with a clear understanding of the value of your property and the undesirable options they face if they do not agree to a commercial loan modification for your property.
Since the value of your raw land has likely dropped dramatically over the past several years, every payment you make on your current loan maybe throwing good money after bad. Our loan mod lawyers will take the time to thoroughly discuss your property with you and determine what the best type of commercial loan modification is for your individual scenario.
A commercial loan restructuring may buy you the time you need to ride out this economic downturn long enough to be able to develop your property once the credit markets have unfrozen and property values are once again on the rise.
At Hanasab & Zolekhian, LLP, we approach each raw land loan restructuring with this same well rounded, professional approach in order to ensure that your loan restructuring is viewed by your lender as a viable option that they will appreciate as a serious proposal.
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