Another Reason to Use an “SBA Wingman”

I recently spoke with a potential client who ended up going with a local (large) bank for his self storage facility construction financing.  He first called me 7 months ago to see if I could get him better terms than he was being offered by the large bank.

At the time, I actually couldn’t do better because:

a) there weren’t (and still aren’t) a heck of a lot of lenders doing self storage construction loans.

b) the terms he was being offered were quite good.

c) there was no reason for him to stray from that bank since they seemed to understand his needs quite well.

Well, I decided to check in with him hoping to hear good news – that all went well and they were open for business – but he told me that he hasn’t closed yet and that there had been numerous delays, but one of the delays was because his banker went on vacation for a month.  A MONTH!  During this month, nothing happened…and by his calculations he’s been losing about $5000 for every 30 days he doesn’t close.

If you are a banker, I doubt you can think of a worse way to start a relationship or a better way to send a message that you do not care.

Clearly, this guy could have used an SBA Wingman.