My loan matures or is up for renewal in the coming months. Will financing be available?
Start the renewal conversation with your current bank as soon as possible. If they are not receptive, then you will need to start to look for a replacement lender. Your attorneys, accountants and other advisors can make recommendations. We are in the early days of this crisis, but we do expect banks will take a long-term view when it comes to credit decisions. Both the OCC and the FDIC have issued statements encouraging banks to work with borrowers that have suffered due to the coronavirus pandemic.
This is a fluid and rapidly changing situation and these resources are current only as of the date of publication. We recommend that you contact your local Quarles & Brady attorney regarding the most up-to-date information or with any other questions regarding this subject matter, or contact Anthony Marino: (414) 277-5365 / [email protected].