Loan Guide

Most people frequently speak about SBA guaranteed loan workouts which have their own specific requirements. There are, however, an enormous number of traditional secured and unsecured bank loans which are in default and require workouts resulting in debt forgiveness. There are consulting companies who do hundreds of these every year. They are different and frequently easier to work out as there is far more local authority and flexibility as the banker and the ruling committee has the option of making whatever decision they choose to make without the restrictions than with SBA requirements and objectives which can handcuff a banker’s decision.

The bank can modify, defer and compromise its loans as it deems appropriate. Consultants can fashion more creative workout resolutions which will work even better for the borrower as well as the lending bank. It is far more of an open negotiation and works out very well; frequently better than SBA guaranteed loan workouts.

Unfortunately, the opposite can also happen as the local bank being unrestricted and not under anyone’s control can act irrationally, emotionally and contrary to workout logic either making unreasonable demands or simply refusing to resolve a workout unless under their terms.

Fortunately, loan default consultant experts seldom have such issues and their secured bank workouts are always well done and totally satisfactory to the borrower, with similar results as their experience with SBA guaranteed loan workouts… pennies on the dollar. These consultants perform the same strategies, protecting the assets and eliminating the personal guaranties. The difference is these consulting experts are dealing with the bankers’ personalities and their own guidelines.

They seldom have any difficulties. Bring your secured and unsecured bank loans and they will work them out as successfully as they do the SBA guaranteed loans.

By: Don Todrin