The borrowers argued that the determination of the exit tax was ambiguous and that they attempted to introduce extrinsic evidence contrary to the language of the debt certificate. Specifically, the borrowers argued that the obligation for borrowers to pay the exit tax was waived if the lender did not negotiate in good faith permanent financing. In addition, the borrowers argued that the exit costs constituted an unenforceable prepayment indemnity. The borrowers failed to convince the court of these arguments. First, the General Court found that the determination of the exit tax was clear and clear. The Court held that the terms of the debt instrument did not require the lender to make an offer of sustainable financing, let alone an offer on market terms. The lender`s inability to make such an offer did not lead to waiving the obligation for borrowers to pay exit fees. The court found that the parties were demanding parties represented by counsel during the Delta Rault loan negotiations and that if the parties had wished for another waiver, they could have included it in the debt certificate. Do you need a money lender that actually goes to 75% loan-to-value? Do you need a lender that allows the seller to pay off a second mortgage? Did your client have to pay for a balloon on their commercial property? Did your bank offer him a reduced payment? Does your borrower have less than the stellar loan? Is your customer`s business losing money? Is your borrower a foreigner? Let`s say you`ve put a commercial property up for sale and the seller gets nervous. You can often hold him long enough to find a buyer by offering him a bridge loan. Blackburne & Sons offers a six-month bridge loan for a single point and without prepayment compensation.
Please click here to submit a commercial bridge credit mini-app or call me, Tom Blackburne, at (574) 210-6686. The loan note also provided for a waiver of the exit tax if the lender provided permanent financing (i.e., long-term financing) that would be used to refinance the Delta Rault loan, but did not refer to the interest rate of such a permanent loan. Borrowers wanted such permanent financing, but the lender`s interest rate offered by the lender was higher than the interest rate indicated to borrowers by another potential lender. In the end, the borrowers secured permanent financing from another lender to refinance the Delta Rault loan. . . .