I despise Banks.....my prayer is that there is a special place in hell for

[Tedim]

Bankers.....if terrorist were blowing up banks, I'd help fund them.

Three years ago I buy a distraught company....waste service with trucks, dumpsters, equipment and a office building in partnership with a Nationwide office. Purchase price 200k awesome buy, we put down 100k cash and finance the balance 7year amortization with 3 year ballon.

Later we buy another truck on a separate note.....so, the original loan comes up for renewal and being a good customer I pay off the small truck loan early, and owe about 60k on the remaining original note balance....

I get a call from the bank they are going to shorten my amortization period from 48 to 38 months....I ask why, balance is lower, company has more assets and they are collateralized 5 to 1 on a fire sale price....why am I being squeezed I ask.

Answer their CEO feels that we can pay off the loan faster because we have additional cash flow due to the paid off loan and that looks better on their financial statement and loss share agreement with the FDIC. Just fucken lucky I'm not in the fertilizer business.  

[the trainer]

And we should give a fuck about your stupid problems because.............

[Tedim]

And we should give a fuck about your stupid problems because.............

Because I have your mother hostage and until she works off that loan stated above I'll keep pimping her out to Mexican sharecroppers.

And also because retards like you don't see the implications of what banks are doing to small businesses, dolt.

[f450]

so they can just switch terms on you like that? and you have no recourse?

[Tedim]

so they can just switch terms on you like that? and you have no recourse?

None, the ballon commercial notes of which 90% of business have no choice but to sign are due in full on the day of the end of term. So even if you have an amortization period of 20 years if the loan is a 3 year ballon note then the loan is due in full and rarely do banks do any other types of loans.

This applies to real property as well....

[Roger Bacon]

Bankers.....if terrorist were blowing up banks, I'd help fund them.

Three years ago I buy a distraught company....waste service with trucks, dumpsters, equipment and a office building in partnership with a Nationwide office. Purchase price 200k awesome buy, we put down 100k cash and finance the balance 7year amortization with 3 year ballon.

Later we buy another truck on a separate note.....so, the original loan comes up for renewal and being a good customer I pay off the small truck loan early, and owe about 60k on the remaining original note balance....

I get a call from the bank they are going to shorten my amortization period from 38 to 38 months....I ask why, balance is lower, company has more assets and they are collateralized 5 to 1 on a fire sale price....why am I being squeezed I ask.

Answer their CEO feels that we can pay off the loan faster because we have additional cash flow due to the paid off loan and that looks better on their financial statement and loss share agreement with the FDIC. Just fucken lucky I'm not in the fertilizer business.  

Entrepreneurs like yourself use to be American heros, that entrepreneurial spirit was admired.  People were thankful of employers like you, and sympathetic to the everyday problems you face.

Now small businessmen like you are despised by our worthless, socialist population and government.

[Roger Bacon]

None, the ballon commercial notes of which 90% of business have no choice but to sign are due in full on the day of the end of term. So even if you have an amortization period of 20 years if the loan is a 3 year ballon note then the loan is due in full and rarely do banks do any other types of loans.

This applies to real property as well....

Refinance? 

[BIG ACH]

None, the ballon commercial notes of which 90% of business have no choice but to sign are due in full on the day of the end of term. So even if you have an amortization period of 20 years if the loan is a 3 year ballon note then the loan is due in full and rarely do banks do any other types of loans.

This applies to real property as well....

Are you able to go to another bank?

[El Diablo Blanco]

So they lowered it from 38 to 38.  Sounds like they didn't change it.  Have you taken math classes?

[Psychopath]

Does this mean you have money i can borrow? I swear, i'll give it back when i'm dead.

[_aj_]

Are you able to go to another bank?

This. Maybe another bank wants you business enough to take the debt on another note.

[Roger Bacon]

Put your money in small, local banks.  The kind where the board of directors live in your community and people know them.

[Tedim]

I'm going to pay off the loan.....but the thread is more about the principles that are destroying small business. I am fortunate to have many businesses and have very little leverage in comparison to equity and cash flow.

American small business under 100 million market cap, are getting raked over the coals, I know over the last 4-5 years half the business guys I did projects for are gone.

[Tedim]

Put your money in small, local banks.  The kind where the board of directors live in your community and people know them.

Those no longer exist, in my area we had 13-15 before 2008.....now? GOOSE EGG!

[Roger Bacon]

Those no longer exist, in my area we had 13-15 before 2008.....now? GOOSE EGG!

Where I live we still have two good ones.  I don't know where you're at, but you should try to find one.

[Tedim]

So they lowered it from 38 to 38.  Sounds like they didn't change it.  Have you taken math classes?

Good catch.....48 to 38 fixed

[Tedim]

Does this mean you have money i can borrow? I swear, i'll give it back when i'm dead.

As much as you can carry over the Internet.....I'm here for you bro....

[Tedim]

Put your money in small, local banks.  The kind where the board of directors live in your community and people know them.

The small banks are having huge issues with the FDIC and their requirements/portfolio management.........most medium businesses are getting their money from insurance companies but Im still too small a fish.

[Roger Bacon]

but Im still too small a fish.

The government will do everything they can to protect the big guys truf from people like you.

[Psychopath]

Banks are assholes. They monitor your activity, and formulate new policy's to maximize potential profit. Lawless assholes no doubt.

[arce1988]

  Scum

[Psychopath]

As much as you can carry over the Internet.....I'm here for you bro....

Electronic money transfer, i have it.

[arce1988]

Neither a borrower nor a lender be; For loan oft loses both itself and friend, And borrowing dulls the edge of husbandry. This above all: to thine own self be true, And it must follow, as the night the day, Thou canst not then be false to any man.

[Tedim]

I don't think most understand the implications of what banks have done and what they are doing.....united Community bank declared that they would not finance investment strip centers without 75% owner occupied because the FDIC stated that they were over exposed.....now vulture funds are buying these assets at HUGE discounts with STREET money while investors are locked out.

[Roger Bacon]

I don't think most understand the implications of what banks have done and what they are doing.....united Community bank declared that they would not finance investment strip centers without 75% owner occupied because the FDIC stated that they were over exposed.....now vulture funds are buying these assets at HUGE discounts with STREET money while investors are locked out.

It's almost like a secret agenda is being pursued, a huge conspiracy.... Hmmmmmmmmmmm....