I will never forget the level of frustration I felt sitting across the desk in my banker’s office when he said….” I’m sorry this loan simply no longer fits with our banks long term plan, we are calling the loan due.” To say I was shocked was an understatement. This was a bank where we had been banking for years, we knew the banker on a personal level and the kicker…. This decision by the bank forced us to sell at a loss.
Full disclosure, I have many banker friends and they are professional and good people. They are however bound by the lending criteria provided by the institution and I can say with firsthand experience, explaining why a decision is made by the bank can be downright soul crushing. Even if you are like me and everything appeared to be in line with the bank's’ lending criteria (at the time we had 40% equity, high 700’s credit score, plenty of liquid assets along with other real estate which could be collateralized and oh yeah, the property cash flowed and would have continued to cash flow if the bank would have refinanced the loan) the bank is well within their rights to make a decision.
When the bank says No, it can be a discouraging place. You have a plan you believe in, you have done the research and work to know your plan is viable; does the bank denying your loan mean you can’t start or grow your business, buy that piece of property or develop that land? Absolutely Not! You have options and even better we have the experience to help guide your vision.
We are private lenders who work direct, investors to borrowers, no brokering your loan or application as confidentially is of utmost importance to us and our clients. This streamlined approach give us the ability to make prompt decisions and fund quickly. We are solution based and work to understand each situation independently.