1950 Butler Pike #137, Conshohocken, PA., 19428
(610) 667-6701 (p) (866) 593-6320 (f)
October 15, 2014
My Banker called and told me to find a new lender! What do I do now?
This is an event that is most troubling to a small businessperson. Your bank wants to divorce you!
We at Quaker State Commercial Finance recommend that you do the following:
- Do not panic or stick your head in the sand and hope this goes away. Also, try not to get angry with your banker as his hands are tied. He is under orders from the Federal Bank Examiners to get rid of you or he will be fired.
- After calming down; call your banker and find out why they want you to leave and how long you have before you will be sent to the “Work Out Department” for liquidation. Also, ask if there is anything that you can do to stop this from happening?
- Immediately call your accountant and bring him up to speed and ask him for three recommendations for replacement lenders. Make sure these are small regional or local banks as no large bank will give you the time of day if you are being thrown out by your current lender.
- Complete the application process and make sure you are completely transparent with the replacement bankers.
- Hopefully one or more of the new banks will say yes and you get “married” to your new banker. If so your work is done and I wish all the best to you.
- If you don’t get past the “first date” with these banks; then you have a real problem! If three banks reject you the chances of your getting any other bank to finance you become 1 in 100. That’s right! You are now a financial pariah.
At this time you have two choices; either keep applying and being rejected by banks as the clock ticks down to your execution date or call Quaker State Commercial Finance for a life line.
Quaker State Commercial Finance has been helping borrowers like you secure alternative financing for almost 40 years. We have relationships with over 400 Investors who will lend money to borrowers who do not qualify for bank loans. Just call us at 610-667-6701 or email us at quakerstatemortgage@gmail.com and we will lead you through the financial rapids to smooth water.