Wells Fargo
Commercial Loan Approved by Override Led to Lost Down Payment

In November we applied for a commercial loan/business loan from Wells Fargo in Sterling, Colorado. We banked with Wells Fargo in Colorado for over 14 years, our credit FICO scores were at the time fairly high 780 and 813. The loan with 30% down should have never been approved (as a matter of fact the underwriters turned the loan down TWICE!), the vice president of the Sterling branch did an "override" in order to accommodate a 25 year friendship with the seller and approved the loan. Currently, and after only 6 months into ownership, we are 3 months behind payments, lost our $195,000 down payment, on the brink of foreclosure, not to mention FICO scores. Wells Fargo ruined us, no appraisal was performed on this commercial property (just a drive-by opinion), we have no experience in the line of business whatsoever, interest rate and letter of intent were made available only at the closing table/date of closing on the loan, what kind of business is Wells Fargo running? Disappointed & ruined borrower

Company: Wells Fargo
Country: USA
State: Colorado
City: Sterling
Address: 129 South 3rd Street
Phone: 9705221383

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