[WSBAPT] Covid restrictions - late fees commercial/business promissory note

[Rich McEntee]

Good morning

I hope that someone has an answer. I have a client who is a lender and has made several loans, secured by real property, to house flippers. The loans by their nature a commercial/business loans. On a number of occasions, the borrowers have been late in their payments, seems to be the nature of the business. The promissory notes call for late fees. I am wondering, are late fees prohibited on commercial loans under any of the governor’s emergency proclamations? I believe that they are forbidden in the residential rental arena, but not sure about commercial or even residential loans.

thank you
Rich


RICH McENTEE
McENTEE LAW OFFICE
3800 Bridgeport Way W, Ste A411
University Place, WA 98466
253.227.9894(m)
jrmcentee at gmail.com            


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