Posted on: 04th Oct, 2012 04:26 pm
Greetings!
I have a few questions regarding my commercial loan for my restaurant/hotel.
We have 18 years remaining on our 20 year loan with a principal balance of $202,000. We are a seasonable business, so our payment schedule is set up for 5 payments, one in June, July, August, Sept, and Oct. Due to the nature of our payment schedule, we are getting killed with our daily interest when we are not making payments, resulting in the first couple payments of the season to be severely interest heavy. We want to change our payment schedule to be daily, year round, and add a little bit towards the principal to pay the loan off quicker, and cut back on interest costs. Any suggestions on some formula's that I can plug some different amounts into to make this easier? Thanks for any help!
Marc
I have a few questions regarding my commercial loan for my restaurant/hotel.
We have 18 years remaining on our 20 year loan with a principal balance of $202,000. We are a seasonable business, so our payment schedule is set up for 5 payments, one in June, July, August, Sept, and Oct. Due to the nature of our payment schedule, we are getting killed with our daily interest when we are not making payments, resulting in the first couple payments of the season to be severely interest heavy. We want to change our payment schedule to be daily, year round, and add a little bit towards the principal to pay the loan off quicker, and cut back on interest costs. Any suggestions on some formula's that I can plug some different amounts into to make this easier? Thanks for any help!
Marc
I would recommend talking to a commercial real estate specialist. CHeck out the page on this site for commercial lenders. There are several calulators on this site to help you out, also other websites if you google them, you can find many more calculators to help you.
Hi MarcatGSB,
I agree with what Chris has said. You will have to get such a lender who will help you in getting a payment plan which you want. For this, you need to contact a good real estate specialist. This community, too, has large number of lenders. You can seek a no obligation free quote from them and check out if they can help you. As far as calculators are concerned, you can check out the given page: http://www.mortgagefit.com/calculators/ .
I agree with what Chris has said. You will have to get such a lender who will help you in getting a payment plan which you want. For this, you need to contact a good real estate specialist. This community, too, has large number of lenders. You can seek a no obligation free quote from them and check out if they can help you. As far as calculators are concerned, you can check out the given page: http://www.mortgagefit.com/calculators/ .
