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Note Change in Term for Extending Maturity Date?

Question: 
When a loan is maturing, do we do new note or change in terms when extending the maturity date?
Answer: 

by Randy Carey:

That would be a question for your legal counsel, as depending on the type of loan and the collateral you are dealing with, one way or the other may be more beneficial for you and the customer. It can be done either way however.

Answer: 

by Richard Insley:

Also, it's usually easier to do contractual changes before the original loan matures.

First published on 07/28/2019

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