Answer
Jun 13, 2016 - 05:08 AM
Fundamentally, banks are loathe to do anything they don't completely understand. They are risk adverse by nature and a possible tower lease is an unknown. Was the tower lease income committed as collateral to the mortgage? If not, they may have had concerns that the tower would devalue the property and make it harder to sell if they had to foreclose.
So while this problem isn't uncommon, it typically can be worked through with some education provided the bank/mortgage company is willing to listen.
In this case, it sounds like the tower company isn't ready to build yet. You might just let the option expire and then refinance. If and when the tower rep is willing to commence the lease, then you can resign the option.
So while this problem isn't uncommon, it typically can be worked through with some education provided the bank/mortgage company is willing to listen.
In this case, it sounds like the tower company isn't ready to build yet. You might just let the option expire and then refinance. If and when the tower rep is willing to commence the lease, then you can resign the option.
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