Key Bank- 2nd lien

Thank you Brian I appreciate you responding. I reviewed my question and realize that I was not asking the right question. It makes sense that Key Bank would opt to wait and see what the pay off will be ect. My concern is that there is an approval for the first lien however it will take Key Bank an additional 30 days to review? At least this is the experience I've had with Key Bank. Once their approval is received and hopefully there will be no request for additional cash at coe, the first lien will then have to issue a revised approval to extend the coe. Which by this point there will be a trustee sale to save ;) and a potential per diem charge, which doesn't happen very often but has.

Your thoughts are greatly appreciate.

Respectfully,

Sabrina

Brian Avery said:

They want to see the terms on the first before they make a committment or do not want to waist time if there is no benefit to the second lien. Not all that uncommon on smaller banks and credit unions

Replies

Sabrina Choi May 6, 2011 at 5:57am

Thank you Brian I appreciate you responding. I reviewed my question and realize that I was not asking the right question. It makes sense that Key Bank would opt to wait and see what the pay off will be ect. My concern is that there is an approval for the first lien however it will take Key Bank an additional 30 days to review? At least this is the experience I've had with Key Bank. Once their approval is received and hopefully there will be no request for additional cash at coe, the first lien will then have to issue a revised approval to extend the coe. Which by this point there will be a trustee sale to save ;) and a potential per diem charge, which doesn't happen very often but has.

Your thoughts are greatly appreciate.

Respectfully,

Sabrina

Brian Avery said:
They want to see the terms on the first before they make a committment or do not want to waist time if there is no benefit to the second lien. Not all that uncommon on smaller banks and credit unions

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