Don't want to get into too many specifics but wanted to get board opinion on something. Let's say an existing business has 3 current locations and all doing reasonably well. A 4th location is about to go up and has been approved for a construction to permanent loan package by the lender. However, as construction went on interest rates went up drastically and now the business owner would like the added safety of paying a little less each month to grow business at the new location and so they ask the lender to change the permanent to interest only on that loan for only the first 6 mths.
Do you guys think this request is unreasonable? Do you think the lender (which also has another location financed) will get nervous about such a request? Does it make the business owner seem unstable or his business iffy?
Do you guys think this request is unreasonable? Do you think the lender (which also has another location financed) will get nervous about such a request? Does it make the business owner seem unstable or his business iffy?