Think I've upset the bank manager LOL
Discussion
mrloudly said:
"So is the NatWest loan rate fixed or will you be discussing it with Barclays later?" I love seeing the b.stards sweat 
Did he start biting his nails, eyes darting around the room whilst tugging at his collar with beads of nervous sweat streaming from his brow? Or did he simply not give a s
t as he had nothing to do with it but worked at a bank as he has 2 alevels in media and communications and could afford a suit from Burtons and this was the only decently paid unskilled work going?Edited by Pommygranite on Sunday 15th July 15:45
Pommygranite said:
mrloudly said:
"So is the NatWest loan rate fixed or will you be discussing it with Barclays later?" I love seeing the b.stards sweat
Did he start biting his nails, eyes darting around the room whilst tugging at his collar with beads of nervous sweat streaming from his brow? Or did he simply not give a st as he had nothing to do with it but worked at a bank as he has 2 alevels in media and communications and could afford a suit from Burtons and this was the only decently paid unskilled work going?Edited by Pommygranite on Sunday 15th July 15:45
In all seriousness his card titles him a "Business Corporate Director" and he can't make a decision on a poxy property deal into which we're sticking 30% having been established 28 years... Get rid of the lot and apply online direct to the "Backroom Lending Team". Let us deal with the "Organ Grinder" not the monkey...
mrloudly said:
Pommygranite said:
mrloudly said:
"So is the NatWest loan rate fixed or will you be discussing it with Barclays later?" I love seeing the b.stards sweat
Did he start biting his nails, eyes darting around the room whilst tugging at his collar with beads of nervous sweat streaming from his brow? Or did he simply not give a st as he had nothing to do with it but worked at a bank as he has 2 alevels in media and communications and could afford a suit from Burtons and this was the only decently paid unskilled work going?Edited by Pommygranite on Sunday 15th July 15:45
In all seriousness his card titles him a "Business Corporate Director" and he can't make a decision on a poxy property deal into which we're sticking 30% having been established 28 years... Get rid of the lot and apply online direct to the "Backroom Lending Team". Let us deal with the "Organ Grinder" not the monkey...
Long gone are the days of 90% LTV or even 70% interest only property debt finance, as said above and earlier there is no market available for anything less than 60%, substantially less for tertiary/secondary properties whilst margins have increased substantially to c. 5% + LIBOR.
Of course your not going to be happy with the Bank or the 'Business Corporate Director' if he is refusing to lend you money, choosing to jump on the bandwagon, targeting bankers because the terms your requesting obviously aren't possible and he's told you such....
I admit that this is going to be a problem in the future as 50% of loans expire in the remainder of this year and 2013 whilst 50% of those currently have an LTV of over 70% (c.20% of the 50% are in negative equity), this is a problem when Bank's aren't lending at anything above 60% LTV....
kiethton said:
mrloudly said:
Pommygranite said:
mrloudly said:
"So is the NatWest loan rate fixed or will you be discussing it with Barclays later?" I love seeing the b.stards sweat
Did he start biting his nails, eyes darting around the room whilst tugging at his collar with beads of nervous sweat streaming from his brow? Or did he simply not give a st as he had nothing to do with it but worked at a bank as he has 2 alevels in media and communications and could afford a suit from Burtons and this was the only decently paid unskilled work going?Edited by Pommygranite on Sunday 15th July 15:45
In all seriousness his card titles him a "Business Corporate Director" and he can't make a decision on a poxy property deal into which we're sticking 30% having been established 28 years... Get rid of the lot and apply online direct to the "Backroom Lending Team". Let us deal with the "Organ Grinder" not the monkey...
Long gone are the days of 90% LTV or even 70% interest only property debt finance, as said above and earlier there is no market available for anything less than 60%, substantially less for tertiary/secondary properties whilst margins have increased substantially to c. 5% + LIBOR.
Of course your not going to be happy with the Bank or the 'Business Corporate Director' if he is refusing to lend you money, choosing to jump on the bandwagon, targeting bankers because the terms your requesting obviously aren't possible and he's told you such....
I admit that this is going to be a problem in the future as 50% of loans expire in the remainder of this year and 2013 whilst 50% of those currently have an LTV of over 70% (c.20% of the 50% are in negative equity), this is a problem when Bank's aren't lending at anything above 60% LTV....
They have agreed the finance, but I have better things to be doing than arguing with a bunch of Gov't sponsored Bollinger suppers!
One thing that comes out of this thread, if Kiethon is correct and I don't doubt what he says. That there is not going to be much activity at the lower end of the Property Development ladder. This is quite frightening for anyone associated with Construction or manufacturing related to construction.
I know form our experience in Scotland, it is likely that there will be no need for a speculative office development for many years due to oversupply. Clearly the lack of finance for both development and business in general.
I suppose the bit I find most insulting is not the criteria they apply, as they are in business but the fact they seem to add very little but still get bonus's. I thought Vince was going to get tough with them
I know form our experience in Scotland, it is likely that there will be no need for a speculative office development for many years due to oversupply. Clearly the lack of finance for both development and business in general.
I suppose the bit I find most insulting is not the criteria they apply, as they are in business but the fact they seem to add very little but still get bonus's. I thought Vince was going to get tough with them
Hyper10 said:
One thing that comes out of this thread, if Kiethon is correct and I don't doubt what he says. That there is not going to be much activity at the lower end of the Property Development ladder. This is quite frightening for anyone associated with Construction or manufacturing related to construction.
I know form our experience in Scotland, it is likely that there will be no need for a speculative office development for many years due to oversupply. Clearly the lack of finance for both development and business in general.
I suppose the bit I find most insulting is not the criteria they apply, as they are in business but the fact they seem to add very little but still get bonus's. I thought Vince was going to get tough with them
My brother inlaw is a site manager for a long established medium sized building firm. He told me at the weekend Lloyds pulled the finances recently because "they don't want to operate in the sector"... Moved to HSBC so all is now OK, for the moment...I know form our experience in Scotland, it is likely that there will be no need for a speculative office development for many years due to oversupply. Clearly the lack of finance for both development and business in general.
I suppose the bit I find most insulting is not the criteria they apply, as they are in business but the fact they seem to add very little but still get bonus's. I thought Vince was going to get tough with them
Crooks in Saville Row suits... http://www.bbc.co.uk/news/business-18854193
We are a engineering company with two industrial properties worth approx 1.2 million. Both mortgages paid off through HSBC. Have a further mortgage for 400k on a third factory with HSBC. We have been a customer with HSBC since 1981 when business was incorperated.
Asked them for a six month 40k extention to our overdraft to fund working capital for a new contract.
HSBC said no after forcing us to get a partner from one of the big four accountancy firms cost us 2.5K. HSBC said no even though report from accountancy firm recomended it. What really peaved us is HSBC do not know us now or so it seems. Never exceeded our overdraft limit or missed any payments even through the worst of the recession. Yes we feel let down by our long standing bank.
OP I think I know the guy you are talking about at Nat West. We had a meeting to see what we could expect from other banks and he did not impress. I am based in Northants so I think it is the same guy. I suspect he is given the title with director in it to open doors when touting for new customers.
What we really need is a bank run by people who understand the needs of business people and who want to build up long term relationships rather than all this "short term screw us into the ground" that appears to be all of the banks policy at the moment.
Asked them for a six month 40k extention to our overdraft to fund working capital for a new contract.
HSBC said no after forcing us to get a partner from one of the big four accountancy firms cost us 2.5K. HSBC said no even though report from accountancy firm recomended it. What really peaved us is HSBC do not know us now or so it seems. Never exceeded our overdraft limit or missed any payments even through the worst of the recession. Yes we feel let down by our long standing bank.
OP I think I know the guy you are talking about at Nat West. We had a meeting to see what we could expect from other banks and he did not impress. I am based in Northants so I think it is the same guy. I suspect he is given the title with director in it to open doors when touting for new customers.
What we really need is a bank run by people who understand the needs of business people and who want to build up long term relationships rather than all this "short term screw us into the ground" that appears to be all of the banks policy at the moment.
Sounds about right... We had been banking with Barclays for around twenty years. When it all got smelly (their end not ours) they were on us like a ton of bricks! Their
reporting demands became so onerous we told them to ps off and moved to HSBC. We've worked our way out of overdraft and now split funds between several independent
banks because HSBC wouldn't give us securities on any holdings above £85k (Not that they offer the security up to that anyhow).
IMHO anybody that exceeds £85k in a bank now wants their heads testing. The industry has proven itself numerous times to be totally inept. Why trust them with your money when they don't trust
you with theirs, sorry the Govts....
reporting demands became so onerous we told them to p
s off and moved to HSBC. We've worked our way out of overdraft and now split funds between several independentbanks because HSBC wouldn't give us securities on any holdings above £85k (Not that they offer the security up to that anyhow).
IMHO anybody that exceeds £85k in a bank now wants their heads testing. The industry has proven itself numerous times to be totally inept. Why trust them with your money when they don't trust
you with theirs, sorry the Govts....
What we really need is a bank run by people who understand the needs of business people and who want to build up long term relationships rather than all this "short term screw us into the ground" that appears to be all of the banks policy at the moment.
What you say is true but of course it is unlikely to happen. many years ago our old school branch manager got pushed out at the same time as we were applying for an overdraft. The incoming business manager refused the overdraft but of course could help us with factoring, the fees were 7 times the Overdraft cost before we ever saw money.
I came across a Commercial Manager with title Director and 2 things struck, 1st he was totally in-human and 2nd his whole focus was on loading fee's/costs at the front end.
I don't blame the banks, they're like a badly trained dog, it's the owner (Government)that I think are at fault.
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