(For those who say I just don’t get it…get this)
Over the past few days I’ve been giving some first hand accounts of what I went through during the Savings and Loan Crisis of the 1980’s in terms of banks and more (i.e. what was once a done deal may never get done). It is exactly to that point I relay a note I was sent today from a colleague and I’m stating it here with his permission. To wit (paraphrasing):
“I was listening the other day (e.g., to the show) when you were talking about how the banks changed their terms in midstream only to leave you hanging and I thought: Yeah, maybe for a small customer. But that wouldn’t happen in a serious deal of any size. Boy was I wrong.
I was just notified by one of my friends that was closing on a $15,000,000.00 plus refinance with his current bank where he went through the entire type of process you were explaining (i.e., first name terms and dealt with only the top brass of the bank, all paper work approved and said to be a ‘done deal’) and was to close on Monday of next week, only to be notified yesterday (Wednesday) by email – the deal was off with no recourse. He is both absolutely stunned and shocked and was counting (as in needed) this already approved refinance.”
There’s nothing more to add.
© 2020 Mark St.Cyr