Are you getting the financial help you need from banks?
Who finds themselves in a position that you really don't want to be entertaining (financially)? Wondering how the hell you managed to get to this position? Are the banks and credit card companies circling? Need some direction, a champion, an independent review? Pose your problem and I'll give you some clarity!
Hey Craig, I had a near death business experience and, as luck would have it, I found an outstanding non-bank business bank around who was able to lend 85% on the sworn valuation on my commercial property, reduce my interest rate and not risk my family home. It seems, with the turn around of the credit markets the big boys are focusing on the big stuff and the small stuff ($1m to $50m) is being ignored. I assume you must offer a similar service? Greg
Gregory - great to hear your success with a non-bank.
The large institutional players still tend to play pretty tough and rigidly stick to their lending criteria when things are not going in the right direction (for either party), and one or two get very tough indeed when things are not going right.
The non-bank sector is significantly under-rated in terms of product offering and service. Pity they don't have the same advertising budget as the majors for market awareness purposes. Great that you had a good outcome after an un-welcomed experience.
I have found in the greater majority of instances that practically all institutions (whilst they may at first be a little 'blinkered' by their lending/operations manuals) do [eventually] have that required commercial /common sense application to clients that are: a) reasonable/logical/communicate; and b) genuinely have a position (ideally of tangible net-worth) that can be defended. The challenge for most individuals is compiling a sensible proposal for the bank that is supported by a validated/current Statement of Position - this is what the bank is often searching for. If we make it easy for the institution, then they are more than happy to contribute to a well thought-out plan.
I would like to hear more about your financier and the terms offered as this is great market knowledge that I know would benefit a couple of my clients.
Often it is also about the individual at the institution and the preparedness to go that extra mile for viable business.
Interestingly that you used the expression "near death [business] experience".
Great to hear a good outcome.