I have two corporations with different partners, and we owe BB&T around 6 million. All loans are currently current. The big loan is for a large residential project that cash flows. There are six partners, and the loan is 4 million dollars. We worked with them for 18 months to borrow an additional $400k. Finally, we put up 25% and they put up 75%. The price was high, they raised the floor, charged big fees, never got the payment correct, and every time you turned around they wanted more money. (Company 1)
The other loans are with a partner and myself. We had gotten behind on them but never past 90 days, and we were catching up. (Company 2)
The last loans were on two buildings that my wife and I owned and had agreed to sell to the above business for loan value. (Company 3)
In order for Company 1 to borrow the $400k, Company 2 had to buy Company 3's assets, and the loans were redone at higher floors and higher fees, and the Company 1 loan would not close unless Company 2 and 3 went through. I had a gun to my head. This was early December. I came up with over $100k to make it happen.
Since then we are close to completing Company 1's project, Company 3 no longer exists, and Company 2 is moving forward. Company 2 has one loan that matured in January and four more that mature in April. These were long-term loans that became short-term loans at the December closings.
I have done everything they asked me to do, but they still apparently want to take me down. It makes no sense, their service is awful, and there is no one willing to talk to me.
0 comments