Dealing with Reputable Banks should be the number one priority

Dealing with Reputable Banks should be your Number One Priority! A Reputable Bank is a Bank with Your Interest and Welfare as Their Number One Priority! Most Banks look at their Banks Interest as their Number One Priority. 

It is very hard to find out if your bank is reputable. Usually you can ask other business people what they think of their bank. Ask Them: Does Your Bank Put Your Interest First? Do They Look for Ways to Help You Get Your Commercial Loan? Are They Genuinely Interested in You and Your Problems? Your Loan Officer can be of Great Help but Nice People Work for Bad Companies. You need to ask the Bank that you are thinking of using to get your Commercial Loan if you can have the Names, Company, Address and Phone of Ten Commercial Loans that were approved in the last six months. Then ask for the Ten People that were turned down in the last six months – you will definitely not get these names, but if the Bank gives you the names of people that were turned down – this is a big plus and a big Buy Signal For You. No one would give out the names of people who were turned down for a commercial Loan unless they though they treated them fairly – and that is what you want to be treated fairly!

These are questions or situations that are Red Flags for a Bank when getting a Commercial Loan:

1) Can You Talk to a Commercial Loan Officer within one or two days?

    You should be able to Talk to a bona fide Loan Officer.

2) Can the Bank give you a list of all the Documents you need to bring to the bank to be approved for your commercial loan?

     They should be able to give you a detailed list.

3) How long will it take to get an approval of your commercial loan (if you have all the documents)?

    The Loan Approval Process should take no more that two weeks. If they cannot promise an approval in two weeks you could be in for a long haul.

4) Banks have written Loan Policies that they must follow are get sited by their regulator.
Ask the Bank what their Loan Policies are for Commercial Loans of your type.
If they give you this information then they get a Big Plus.

Banks that shoe horn you into one product even though you qualify for several products should be avoided. Some banks only do one type of loan product because that product is good from them but maybe not good for you.

Example: Your Business qualifies for a certain type of Real Estate Loan provided by SBA and your bank, not only, does not tell you about that loan but tells you that another type of SBA Loan, which is not as good for you, is the only one that they will do.
– they even spin the facts to deceive you into thinking the inferior loan is better that the Real Estate loan you inquired about.

Always do your home work or consult an expert in the field to get the true facts. Make sure you “do the Math” on the loan to see what the real cost of this loan will be. Look out and be wary of banks that will only let you borrow the money using a certain program or only letting you borrow the money in a certain way – there are always several ways to do the same type of loan.
 
Please address any questions or comments to roger@rogerschlueter.com and see my website at schlueterfinancial.com