Hello everyone,
This may turn into a rant more then a cry for guidence but bear with me through the details... About a year and a half ago my business partner and I established an LLC to start an auto repair shop. We finally (in the past 2 months) found a location that has potential for us to operate out of. After going through multiple hoops with the current land owners we came up with a signed purchase agreement for the location. Now, by no means is our current business numbers considered to be a "power house business," we are profitable. The property is inexpensive but we will still need to finance. Both my partner and I have very good credit scores and virtually no debt with exclusions of each having a mortgage. We've presented our plan to a bank and delivered all the financial statements that were requested. We've asked for extra money on top of the actual loan of immediate improvments for us to utilize this as an auto repair facility.
So... this is where we are today. The bank has told us that this process takes about 8 - 10 days for loan approval. This issue is time sensitive due to date restraints with the purchase agreement. It has gone into day 15 now waiting for approval of the loan with no property evalutation. I've called multiple times to the bank to have some sort of status update and these guys are usually on vacation and are never communicating amongst each other because I still have no definitive answer. I want to remain calm and stay professional but do I need to become "pushy" with this issue? Should I be speaking with other banks in the mean time? We now have officially 30 days before we seek the closing date and nerves and stimulated to say the least. Is this common for loan approval processes to take this long?
I apprciate any input immensely.
Thank you.
This may turn into a rant more then a cry for guidence but bear with me through the details... About a year and a half ago my business partner and I established an LLC to start an auto repair shop. We finally (in the past 2 months) found a location that has potential for us to operate out of. After going through multiple hoops with the current land owners we came up with a signed purchase agreement for the location. Now, by no means is our current business numbers considered to be a "power house business," we are profitable. The property is inexpensive but we will still need to finance. Both my partner and I have very good credit scores and virtually no debt with exclusions of each having a mortgage. We've presented our plan to a bank and delivered all the financial statements that were requested. We've asked for extra money on top of the actual loan of immediate improvments for us to utilize this as an auto repair facility.
So... this is where we are today. The bank has told us that this process takes about 8 - 10 days for loan approval. This issue is time sensitive due to date restraints with the purchase agreement. It has gone into day 15 now waiting for approval of the loan with no property evalutation. I've called multiple times to the bank to have some sort of status update and these guys are usually on vacation and are never communicating amongst each other because I still have no definitive answer. I want to remain calm and stay professional but do I need to become "pushy" with this issue? Should I be speaking with other banks in the mean time? We now have officially 30 days before we seek the closing date and nerves and stimulated to say the least. Is this common for loan approval processes to take this long?
I apprciate any input immensely.
Thank you.
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