Some lenders, the lawyer noted, also balk when a seller agrees to cover the cost of needed repairs and as a result lowers the agreed-upon price.

Some works are too fragile or valuable to travel much, and lenders often balk at parting with pictures for extended periods.

The effort collapsed when the biggest lender, the Industrial Bank of Japan Trust Company, balked at the plan, Mr. Macrides said.

In that deal, a $300-a-share bid by the pilots' union and top management triggered a high-wire drama that ended when lenders balked at providing funds for the highly leveraged transaction.

Money had to be raised, but traditional lenders balked, even after an Italian food cooperative put up $500,000 to support the project.

Sometimes lenders balk at multiple credit cards, which expose the potential for future debt.

It borrowed heavily to help cover its costs until last year, when lenders balked at further credit, precipitating a financial crisis.

The company managed to secure permits for its mines, but there were worries it would not find the funding because lenders would balk at lending to a Greek company.

Traditional lenders balked at the experiment in cooperative ownership, even after an Italian food cooperative provided $500,000 to support the project.

Second, underwritten loans usually require more lucrative fees because the agent is on the hook if potential lenders balk.