Sentences with phrase «favorable loan changes»
Hitting the benchmark early enabled Zilber to negotiate favorable loan changes and advance more quickly to construction, shaving several million dollars off the cost of development.
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This allows them to change into a loan with more favorable terms, which usually means switching into a regular mortgage and paying down the principal over 15 or 30 years, or switching into another interest - only mortgage and deferring the loan pay - off for another 5 or 10 years.
One of the considerations when rates are really favorable is the ability to also cut the mortgage time substantially for the loan and not have your payments change all that drastically.