There's only one business loan writer at the "local" bank here (Wright Patt Credit Union). We went to baseball games, we'd talk when we walked past each other, done several vehicle loans, had a line of credit for years after it was supposed to have closed.
She went from $30k unsecured for a building loan to getting it rejected by the committee. She was clearly upset with them and was debating about leaving them after the last ~18 months. This was the middle of 2021 when they had a huge hard on for PPP loans. They didn't even want to lend money to buy land and a building. Even if you know them personally, there's some sort of stop gap. Moral of the story, fiber building means Live Oak Bank and maybe CoBack in the future as far as I'm concerned. On Fri, Feb 4, 2022 at 3:15 PM Chuck McCown via AF <af@af.afmug.com> wrote: > OK, my “local” bank is pretty large. Zions. But we do know the local > branch manager, and all the employees. I don’t deal with the small truly > local banks. I will amend this to you should get to know your banker. > > *From:* Mark Radabaugh > *Sent:* Friday, February 4, 2022 12:47 PM > *To:* AnimalFarm Microwave Users Group > *Subject:* Re: [AFMUG] Ot: business loans > > Tried that myself, in the end it wasn’t worth a shit. Probably spent > 15 years grooming a local bank. They were more than happy to take our > deposits, give us auto and real estate loans but when it came to fiber it > was a completely different story. > > In the end they were worthless. Ended up going with Live Oak, who has > been great to work with. > > Skip the local guys - they don’t understand anything that isn’t real > estate or vehicles. Get your books in order, do proper accrual > accounting, quit expensing everything, and go find a bank that knows the > industry. > > Stop wasting your time with the idiots. > > Mark > > > > On Feb 3, 2022, at 9:00 PM, Chuck McCown via AF <af@af.afmug.com> wrote: > > That’s important: “was on first name basis with VP and loan officer... “ > > You gotta get a local bank, stick with it and get to know them and them > get to know you. Makes a huge difference. > > *From:* Jaime Solorza > *Sent:* Thursday, February 3, 2022 5:30 PM > *To:* AnimalFarm Microwave Users Group > *Subject:* Re: [AFMUG] Ot: business loans > > When I started my company in 1992, I had some large purchase orders from > Johnson & Johnson plus GE Capcom which I used to receive loans from bank. > Had to get them signed over to bank at first but after a few large orders, > the bank gave me a $100,000.00 credit line to get ramped up...Always paid > on time and never abused it...was on first name basis with VP and loan > officer... > Not sure if banks are this open to help small businesses anymore...can't > hurt to try....good luck > > On Thu, Feb 3, 2022, 3:18 PM Steve Jones <thatoneguyst...@gmail.com> > wrote: > >> Ive never done business loans before, just mortgage and personal. >> >> Do lenders consider contracts to be future revenue? >> >> Where is the best type of lender to look for with no business history? >> The local lender with the mortgages and local personal loans? National >> lenders? What about if 2021 deatroyed your personal credit to a fair >> rating, is a business loan even an option even with a contract exceeding >> the loan amount by 80 percent? >> >> Is the sba an actual resource to invest time into for starting something >> up, or is it like BBB. >> >> >> Aside from the loan question, when getting into underground work (laying >> pipe, and cablework) what expenses outside labor, insurance, >> maintenance(vehicle, equipment, staff lodging/per diem, fuel, etc), >> tax/workmans comp, etc do you come across? If you dont own the duct. >> >> >> >> >> -- >> AF mailing list >> AF@af.afmug.com >> http://af.afmug.com/mailman/listinfo/af_af.afmug.com >> > > ------------------------------ > -- > AF mailing list > AF@af.afmug.com > http://af.afmug.com/mailman/listinfo/af_af.afmug.com > -- > AF mailing list > AF@af.afmug.com > http://af.afmug.com/mailman/listinfo/af_af.afmug.com > > > > ------------------------------ > -- > AF mailing list > AF@af.afmug.com > http://af.afmug.com/mailman/listinfo/af_af.afmug.com > > -- > AF mailing list > AF@af.afmug.com > http://af.afmug.com/mailman/listinfo/af_af.afmug.com >
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