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It seemed like a good idea when you signed the loan agreement. After all, it was the only loan you could get and surely your business would develop enough so that you wouldn't have to worry about that balloon payment that would be due in five years. Now that payment is due and you're starting to panic. You need balloon payment refinancing.
A Balloon payment refinancing company pays off your existing loan and renegotiates better terms with you so you don't have to come up with that huge payment all at once. Generally, you monthly payments will be greater than before your new loan, but you won't have that upcoming large payment looming on the horizon.
Look for a refinancing company that has experience with businesses in your industry. Be sure to check the company's record with the Better Business Bureau and the state's attorney general's office to see if there are any unresolved complaints against the loan company. As with any transaction involving money, the potential for fraud exists.
When searching for refinancing companies, it's wise to review the offerings of several different companies. Business.com offers a variety of such businesses. Visit the links on the left to learn more about the services they offer.
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