Get the shaft at this bank.
In 2006 I acquired a construction loan, after construction was complete in 2007 a 3 year loan was granted and then a 3 month extension was given, (This was during the last economic downturn starting in 2008.)
Another 3 year renewal was granted. But during this renewal they stated they would monitor the company's financials every few months to make sure the company was on track to meet the banks expectations. I was required to assign a life insurance policy over to them as I am past Medicare age as added collateral.
I told Mr. Harvey multiple times I could not meet his goals - he always stated "the bank will always work with you".
In June 2014 a 3 month extension was granted. No deficiencies of their expectations were communicated to me at that time and on Sept 19, 2014 I was told there were problems with loan renewal. Approximately 1 week later a demand note was issued which means they can demand full payment at the end of any given month. They required assignment of another life insurance policy.
There was loan officer changes made to Tom Soukup and John Arrigo. At this time the bank FORCED the sale of the property as they would not renew the loan.
I was FORCED to sell the property at a HUGE LOSS in order to satisfy this loan even though all payments for principal, interest and taxes were made on or before their due date.
I do not TRUST this bank and hope you might gain from my error in trusting them. read more