Commercial Credit Lines
Hello!
A seller is wanting a short sale, her lender is Chase. She is a business owner and also has a commercial line of credit with Chase for her business. She is wondering if she does the short sale on her personal residence, will that affect her business line of credit? She doesn't want to do anything that would jeopardize her business.
If anyone has any knowledge of this, it would be appreciated!
Thanks,
Tina
Replies to This Discussion
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Permalink Reply by Wendy Rulnick on
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Tina - Commercial loans are a lot more strict than residential. If her commercial note is going to balloon, assuming she's drawn on the line, it could be a problem if she needs it in the future, or Chase might take action on the line now. She can check with her Chase commercial rep and should definitely speak to an attorney.
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Permalink Reply by Tina Hartman on
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Thank you for the response Wendy! I will let the homeowner know.
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