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Tuesday, June 3, 2008

Daily Observation - Neighborhood Banks

Best Friend or Worst Enemy?

Just got off the phone today with a few of the neighborhood banks looking for financing. to sum up all the conversation's in a nut shell this is what we were told.

If a client or a prospective client does not have a current banking relationship with the bank or if they are not willing to establish a significant one we are not going to even waste our time looking at a loan request.

Get this the neighborhood banks where the property is ten feet from the banks door is not even interested in talking unless you can become a "serious" bank depositor.

This is really scary from a lending perspective. If the neighborhood banks don't want the "local" deals who does? Just a thought to ponder.

The neighborhood banks used to be the lenders you would to go to when all other lenders were not interested in your "special circumstance", the local banks would always step up to the plate. Today we're hearing they are not interested. For more of the role of the banker, Business Development Officer and Broker request a copy of my article by sending an email to harlan@loanfrobiz.com.

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