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Covenant Default - Multifamily Commercial Property
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I'm a partner in a small real estate investment company. We have a multifamily commercial property in Ohio. It recently went into covenant default as failed to meet our Debt Service Coverage Ratio of 1.20x.
To resolve, the bank gave us options. We either:
A. Pay down the loan by 20%.
B. Sell.
C. Refinance.
Has anyone had this experience before? What was the situation and the resolution?
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- 11 months ago
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