Bonneville America Forums Forums Off Topic Discussion Forums Lounge So depressed

Folks I just cant win here.. I am sure you remember my business partner pulling out on our business.. Fine be gone dont need or want you.. Get a call from the bank on Monday, have to redo the loan papers, and take him name off of them. Even tho he is not a borrower, his name is still on them, and they want him to sign off on it saying he is no longer part of the business.. Ok cool we go to the bank on Tuesday to take care of it..


Go sit in the loan officers office sign the paper work that needed ot be signed and we were out of there.

I get a call Thursday morning aobut 10am, its the loan officer telling my loan was not approved.. What do ytou mean its not approved? I have allready spent money, I put up my property my name is on the line, your kidding right? No, we cant approve your loan at this time, were sorry. Sorry? SORRY? Yeah some how I feel your gonna sleep just fine tonight while I try to figure this out.

Come to find out even tho my business partner was not toting the note for the loan, his name on the papers is why it got approved.. Well the bank wants it money back, and i am having to go in tomorrow and sign papers for a loan ot cover what I have allready spent..

What really sucks is the land is on payments, the building is paid for up untill the shell is done, I have 200K in shop equipment and bikes setting in storage.

Sorry to be venting, just need to let some of it off.. I am not a happy person to be around right now lol..

chin up brother...patinece is a virtue, destiny is inevitable and life is simply a ****** at times.

Itll get worked out one way or another. Things always do.

BTW...vent as needed...its what were here for.

Couldn't have said it better than Zmilin here, Matt! I too know that things will still work out for ya!

(hang tough dude...you're pretty good at doin' that, ya know!)

Im holding in there.. What i am gonna do is sign for the loan on what money has been spent, call up and cash out 2 of my investments pay the loan off, and regroup.. I will no longer use that bank. I have used them as my personal and business bank for a long long time, my mother does as well. We are both taking our busniess somewhere else..

Oh and looks like no new bike lines for a long time either.. But I am still gonna try.

Head up high Matt, every good business struggles to get started, it will work out just fine. You just need confidence/reassurance in yourself brother.

Man that really sucks. It's wrong of them the way I see it to loan you money then all of a sudden say wait we changed our minds give it all back now.You seem like a smart and strong guy I'm sure you'll land on your feet but it doesn't make it any easier now. Vent all ya want as stated above we will listen.

You can always go home and watch a certain TV.Remember, a man is king of his remote!

Jeez Ditchy, I thought the stars had finally given you a break. That bank stinks. You did the right thing in moving your business elsewhere. Bank commercials on our local radio always make me laugh, and not in a nice way. They are always going on about "we're here to help you, we're your local, hometown, friendly bank, we're are helping your friends and neighbors build our community, blah, blah....and nauseum. I've had banks that I dealt with for 20 years, always paid my loans, never any problem. Then, try and get one mildly risky loan, or get late on a payment or two, and all of a sudden you're "friendly" bank forgets your years of honest dealings with them in a flash! My parents have always been honest folks, and they say that the banking community has definatly changed, and not for the better!

It was a home town bank untill a year ago when it was bought out by one of the big branch banks.. We "thought" it would be the same cause they kept the same people working there. Yeah how short sighted am I..

Anyhow I just got home from my new bank where I opend 4 accounts, my mother took all of her personal and business accounts over to them as well.. Being a nation wide bank i am sure it did not hurt them like we wanted, but it still put a dent in things.

I got a loan from the new bank to cover what money has been spent so I will no longer have to deal with them at all.

What i may do is sell the land, buy a acre not to far from where my house is, scale down the building and have it built there and make it a big play house for me!!!!! We can have a Charleston stop on the GA rally every year.. free labor bring your own parts.

Matt, I work for one of those dreaded banks so I might have some input here. First, did you already have a loan (in the name of the business or otherwise) which the bank is cancelling and asking you to repay, or had you simply applied for a loan? If you had a loan and the bank is now changing the terms on you because your business partner is no longer affiliated with the business, you are not obligated to change the terms of that loan - unless it is in your interest to do so. You are also not obligated to assume sole responsibility for the loan if that is what happened when you signed paperwork to take your former partner's name off of the business. Sounds like you are getting screwed by your former partner and the bank. I think the key question here is did you sign a note and actually take money from the bank. If so they really shouldn't be asking you to recut the original deal, unless you failed to make a payment or were late with a payment. Do you have anyone who can advise you on this? A Lawyer can be expensive, but may be worthwile, if in fact the Bank and your partner are reneging on a deal.

I have a meeting with a lowyer on monday about this.. I recieved all the money on the loan we took out. It was put into a business account at the bank. I had written checks in excess of 200K on equipment and supplies, land and a building.. I am paying the 200K back with a loan form my new bank I got a loan for today. I will see what the lawyer says on Monday about the whole mess.

Good luck. Bring copies of all your paperwork. The lawyer should be able to give you some general advice without charging a big fee. If you have new financing that you are comfortable with, you may just let it go and move on with your life and business. The thing is, if the bank agreed to advance you a certain amount of money and then halfway through the project pulled out, you would likely have a legitimate claim for damages. If you get replacement financing however, you won't be able to prove damages and may not have a legal case worth pursuing. That's OK since you got replacement finacing and everything is going to work out. Hope that's the case. Going the legal route can get expenseive and doesn't always work out in the end.

trust me there is a lot of hardship on this..

kinda related...I ahve a co worker who has agood frined that has a winery. He has built a new winery now and in the process had living quarters built at teh facility.
The guy sold everything he had to get this new palce built and its no palace but it sure is darn nice and he makes some great wine.

Maybe youve already thought about it but maybe building your new shop with living quarters may be an option.

Nice option, there is a small apt as part of the floor plans for the building. There is now way I would sell my home to move into my shop tho. I had planned on being a new dealer for 3 lines of bikes, 2 of them make adventure touring bikes. I thought it would be nice to have a place for customers who ride these to have a place to stay if the bike is down for repairs. Just one of the things that most dealers dont offer.

Got a call today at 445pm from my new bank. My loan check was ready for me to sign. They are going to meet me there tomorrow even tho they are not open on Saturdays so I can sign it and transfer money to the old bank to get away from them. Good thing is I will have a high dollar loan amount paid in with in a short time on my credit.

Will see whats gonna happen tho.

lol sorry did not see that.. Mom would scalp me for that one.

Believe it or not, it's a good thing...If everything went really smooth all the way to where you want it to be, then something MUCH worst would happen...Your getting all the bad out of the way early..."If it's not super tough getting things going, somethings wrong"....quick example....I was changing a clutch out on by Datsum B210 wagon, and had it completely done in just under 2 hours...I thought, man, that was easy, must be something wrong! I look out on the garage floor, and there, still in the original box, unopened, was the new throw-out bearing. That transmission kicked my butt going back in, letting me know everything was good...

lawyers are gossips