I have a client in Jackson Hole, WY that needs help. They have a loan originated in '21. One of the sons is the guarantor because business at that time had not shown enough profitability to secure the loan on its own. The amount of the loan was $2.085M. As of Oct '24, the remaining balance is $1.917M. Current rate is 3.5% and will reset in Feb '26 to market rate. Bank of Jackson Hole (current) could replace the son as guarantor but it would reset the loan to current rates. The business would pay ~$120K more in interest if the rate is reset now vs. Feb '26. Unique solution - let me know.
Dec 06, 2024