$365,000 in debt settled for $12,000… PAID OVER TIME!!
We say amongst each other in our office that we do the impossible everyday. We consider ourselves modern day alchemists, and today I believe we have justified those comments.
A client of mine had two SBA loans. One for the purchase of his business, and one for the purchase of the commercial real estate. Many months ago I settled one of the loans, which had a past due debt of $370,000, for a mere lump sum of $15,000… A modern day miracle. The client was thrilled with our progress and thought it couldn’t possibly get any better… Little did he know, we were going to out-do ourselves on the second loan.
With an outstanding balance of $365,000, we put forth an offer of $12,000 to settle the debt in full. A bold move going lower than our first offer on the previous SBA loan… An even bolder move given the fact that we scheduled the payment of the $12,000 out over the period of two years at monthly rate of $500… And as of today that offer and the payment terms were accepted.
The idea of the SBA extending credit to allow a debt to be settled short seems to not make sense. Accomplishing such a task is difficult but if you understand what documentation is needed for the bank and SBA to get behind such an offer, you can win.
Thats where we come in. We do the impossible
I am glad to say that now my client can move on from this financial disaster and he is finally able to minimize his losses and move on with his life
More success stories to come
