The Banks Are Lending
Jan 07, 2011
My client, closed on a term loan of $840,000 this week. The process took some time, while the Bank took its time in assessing the credit worthiness of the Client.
Upon being retained, I was made aware of a credit facility that the COO was working on with the Company's Bank. He prepared various schedules and provided data that the Banker was dissatisfied with. I contacted the Banker, who provided the original referral to this client. He made me aware of what he expected.
Within a few days, he had the required information in a form that was acceptable to him and his underwriter. But the story gets better!!
The Banker, in the middle of this saga, leaves the Bank for a position at a competitor without informing his client until a few days later. Now, we had a new Banker, same Underwriter, but the process begins anew.
Again, this CFO took charge and satisfies the new Banker. While the process was somewhat delayed, the Bank came through was thoroughly satisifed with the work product and work we all contributed.
Most importantly, the Bank renewed its faith in the client and committed to the partnership of Banker and Client for the long term.
I'd say this was a great success!