Wells Fargo Sterling, Colorado COMMERCIAL LOAN FIASCO/RIP-OFF FROM WELLS FARGO in STERLING, COLORADO . CONSUMERS BEWARE !! Sterling, Colorado
In November 2008, we applied for a commercial loan/business loan from Wells Fargo in Sterling, Colorado. We banked with Wells Fargo in Colorado for over 14 years, our credit FICO scores were at the time fairly high 780 and 813 . The loan with 30% down should have never been approved ( as a matter of fact the underwriters turned the loan down TWICE ! ) , the vice president of the Sterling branch did an "override" in order to accomodate a 25 year friendship with the seller and approved the loan. Currently, and after only 6 months into ownership, we are 3 months behind payments, lost our $195,000 down payment, on the brink of foreclosure, not to mention FICO scores. Wells Fargo ruined us, NO APPRAISAL was performed on this commercial property ( just a drive-by opinion), we have NO experience in the line of business WHATSOEVER, interest rate and letter of intent were made available ONLY at the closing table/date of closing on the loan, what kind of business is Wells Fargo running ? DISSAPOINED & RUINED BOROWER
1 Updates & Rebuttals
Robert
Irvine,California,
U.S.A.
Something is missing here..
#2
Sun, September 13, 2009
I am not saying that they didn't do anything wrong. There is not enough information either way. But just from what you wrote it does not seem like you should have even considered getting the property.
After all if you have "NO experience in the line of business WHATSOEVER" that usually screams HIGH RISK. Most people don't just wake up one morning and say "You know I think I will plunk down almost 200K on a business that I have no experience in". So there is definitely more to this story than you are saying. Right off of the bat even if everything was perfect the odds are against you succeeding, especially in todays climate.
You had $195K cash on the line, did you at least consult a Real Estate Attorney? How about an Outside Marketing Consultant?
By the way, how big was the gun they held to your head when you went to sign the loan documents?