04 Dec WAC Negotiates Forbearance Agreement for Local Small Business Owner
December 4, 2015
Worth Avenue Capital, LLC of Guilford, Connecticut is pleased to announce that, as part of its consulting practice, it successfully negotiated a Forbearance Agreement on behalf of one of its small business clients. WAC’s client is a Connecticut based distributor of power equipment and recreational vehicles that has been in business for approximately thirty years. The company’s commercial mortgage on its headquarters that is held by a very large bank with a national presence recently matured. Despite the fact that the client never missed a payment with this bank during the entire ten year term of the loan, the bank called the loan demanding full repayment from the borrower.
WAC was retained by the client to negotiate a Forbearance Agreement with the bank so that the company, with less pressure, can seek alternative financing with another lender within the next year to pay off this very large bank. By virtue of securing this Forbearance Agreement, WAC’s client now has a much needed “insurance policy” that will enable this client to avoid lengthy, costly, and damaging litigation from this bank.