Legal Question in Real Estate Law in Maryland
commercial prepayment penalty
My company owns commercial property which is guaranteed by me personally as wel as another company I own. The other company filed Chapter 11. Although we've never been late on the commercial loan the bank has called it along with the prepayment penalty of over $500K. Any way around this? Bank not budging. Anything in the new bail out bill that will help us?
1 Answer from Attorneys
Re: commercial prepayment penalty
The behavior of this bank is clearly outrageous, I believe that your best course of action is more likely to be determined by the language of your loan agreement, correspondence, policy statements, etc, or perhaps in some sort of equitable relief. So, although this is the sort of case which comes to us, there is no correct general answer I can give, as your rights and options are likely to be highly subjective due to the fact that this is a commercial loan, and largely guided by your agreement. You should review your individual situation with highly competent counsel immediately.
Related Questions & Answers
Looking for something else?
10,200 active attorneys ready to answer your legal questions today.
Featured Attorneys
Earn additional revenue and grow your business.
