[WSBARP] Commercial loan broker question

[Richard Holland]

Forever?  I mean there is no time limit on how long that provision is in effect and no limit on how often it can be invoked?  If it's otherwise a "why in the world did you sign this?" then - without specifically having researched facts such as this - some unconscionability argument might be your only hope.

From: wsbarp-bounces at lists.wsbarppt.com <wsbarp-bounces at lists.wsbarppt.com> On Behalf Of Chris Benis
Sent: Wednesday, October 24, 2018 11:56 AM
To: wsbarp at lists.wsbarppt.com
Subject: [WSBARP] Commercial loan broker question

List:

I have a client who used a commercial loan broker for a (commercial property) loan about 5 years ago. Apparently, she signed an agreement with the loan broker stating that if she refinances with the same lender in the future, she will pay another 1% loan fee to that broker.  She is now looking at refinancing now that the loan is adjustable, and the broker popped up saying "hey, if you talk to your current lender, I get another fee from you."

I have read the agreement and the language is pretty clear.  Is anyone aware of any limitations/prohibitions on this sort of agreement?

Chris Benis
Harrison-Benis, LLP
2101 Fourth Avenue, Suite 1900, Seattle, WA  98121
206.448.0402 office - 206.448.1843 fax - harrison-benis.com<http://harrison-benis.com/>

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