That you'll just agree to whatever they tell you to.
That was the case for me over the past couple of weeks as I was trying to refinance my 3 commercial, 2 residential multi-use building!
On three different occasions, I didn't like their answer, which was NO.
First no was regarding the valuation they were giving me on the building. It was about $30K less then even I had anticipated with conservative numbers.
I immediately fired off an email letting them know my displeasure, but also backed it up with my own numbers, showing them, that it should be $260K, not $200K.
They apparently calculated wrong.
Ok, I'll let them off this time.
Then after being very patient, almost a month, to find out what the next steps will be and if and when we can get going on the refinance, I again let them know my displeasure with the delay, and they dig up my file and start working on it.
Then, sh** hits the fan. After almost 2 months of the bank dragging their feet, blaming higher ups that they haven't made decision yet if they would approve me for financing, they tell me I need an ESA (Environmental Report).
Now, I understand the bank needs to minimize their risk, but they were already only giving me 50% of the value of the property, already reduced the term, which originally they only agreed to 15, but I had negotiated up to 20 (again, didn't take NO), and now this!
The main reason I was so mad was I have other projects and other potential investments I wanted to make a move on, and here I am again, waiting to free up some capital.
This was my final straw, strike 3!
Instead of getting my funds the week of, they were now telling me that would take couple weeks to get an environmental inspector into the property, then go from there.
I've been in this position too many times where I'm waiting to free up capital, and I'll tell you, it is stressful.
Sometimes I've come so close, to the point all my credit cards were maxed out, the bank account was in overdraft, and I was praying for a refinance on a property to come through, or a property to sell.
It's not fun let me tell you.
Each time it has worked out, because when your pushed to the brink, you'll do anything. And here I was again, doing anything, which was me threatening the bank to leave entirely.
Take all my business to another bank.
And it worked.
They changed their decision and didn't require an ESA on my property.
And funds should be arriving soon!
Moral of the story, don't take the first NO, or even the 2nd, maybe even the 3rd.