My two partners and I were "persuaded" by the BB&T president and his loan officer to sell my family business (fourth generation, over 50 years in business). These bankers do not understand "economic cycles," i.e., when the economy is weak and in a recession, retail business, unlike the banking business, sometimes suffers.
Now that I have sold my business (still retaining the property, which is worth more than the balance of the loan I owe the bank), the banker will not renew the loan to give me time to sell the property. Even though I have leased the property and offered the bank the lease income, the banker has started foreclosure proceedings and will not listen to reason. (This is a bank that my son, myself, my father, his brother and my grandfather banked with for years before BB&T purchased it.)
I have two serious prospects interested in purchasing the property. I cannot divulge the identity of these prospects to the bankers because they have demonstrated their untrustworthiness in the past and actually violated the Federal Privacy Law by giving my private information to third parties on at least two occasions. I am afraid that if I do give the names of the prospects to the bankers, they will call them, which could squelch the deal. If word gets around about the foreclosure proceedings, I will probably lose $75,000 to $100,000! Guess who will profit from this?
0 comments