Most existing financing is likely to negatively affect the value of your building when the time comes to sell. Usually, the mortgage will be less than what the buyer requires to purchase the property. ROCK can help you blend and extend your existing mortgage to reduce the overall interest and make your building more attractive. The key is to do this in advance of selling your property. It is important to identify the lender and their level of cooperation in these types of transactions. This will allow the new buyer to be confident that he or she can assume the existing financing. Some institutions do not like to break their mortgage. They can be difficult to work with and may not cooperate. This needs to be identified in advance. That way, if you have all of this information ready and are up front with it, there won’t be any unexpected disappointments during the transaction and due diligence period.
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