Hopefully this is the right forum. I am posting this on behalf of my brother. His small construction company built some apartments a few years ago with a view to sell them. With the downturn, he has been renting them out ever since. His business loan was interest only and he can just about meet repayments ever month and his company's bank account is regularly in overdraft.
The bank recently changed his repayments away from interest only and his last repayment almost doubled. He was never notified of this. His company simply can't afford to pay anything other than interest only at this point in time. He is meeting the bank manager on Monday to discuss more.
I'm just looking on people's thoughts here on whether they think the bank would look to move him back to interest only given that he simply can't afford anything else? Any advice on how he should approach it would be welcomed.
Thanks!
The bank recently changed his repayments away from interest only and his last repayment almost doubled. He was never notified of this. His company simply can't afford to pay anything other than interest only at this point in time. He is meeting the bank manager on Monday to discuss more.
I'm just looking on people's thoughts here on whether they think the bank would look to move him back to interest only given that he simply can't afford anything else? Any advice on how he should approach it would be welcomed.
Thanks!