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Loan Modification/Extension More Than Once?

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Question: 
On a business purpose loan, can you do a loan modification/extension agreement more than one time? We have a business purpose loan that we did an extension agreement for, going an additional 12 months. We are wondering if it can be done a second time for an additional 12 months? There is no change in terms, etc., just extension of maturity date.
Answer: 

I know of nothing that would generally prohibit it, but since this deals with contractual agreements, you should be asking your legal counsel this question.

First published on 01/27/2019

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