I have 2 corporations with different partners and we owe bb and t around 6 million. All loans are currently current. The big loan is a large residential project that cash flows, there are 6 partners. It is 4million dollars. We worked with them for 18 months to borrow an additional $400k. Finally we put up 25% and they puy up 75%. The price was high they raised the floor, charged big fees, never got the payment correct, everytime you turned around they wanted more money. Company 1
The other loans are a partner and myself, we had gotten behind on them but never past 90 days, we were catching up. Company 2
The last loans were 2 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 two had to buy company 3's assets and the loans were redone at higher floors, higher fees and the company 1 loan would not close unless company 2 and 3 went thru. I had a gun to my head. This was early Dec. 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, company 2 is moving foward. 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 ssked me to do but they still apparently want to take me down, makes no sense and their service is awful and there is no one willing to talk to me.
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