Pennsylvania Confession of Judgement
Hey Guys,
I was closing on my first multi-family in PA the other day and the lender had me sign a confession of judgement tied to the loan. It was the first I ever heard of it and after closing I researched it. After researching it, I am a bit concerned and wish I knew about this requirement before choosing a lender.
My questions:
Are these required on every commercial loan product in PA?
Do you guys also sign as Guarantors on your commercial loans with this clause?
Seriously considering early loan payoff. I'm not a fan of debt, but I figured leveraging for multis was a responsible use of debt. That being said, signing as guarantor and the confession of judgement thing has me reevaluating my approach.
Thanks in Advance for any feedback!
