I have been working the a person at PNC that calls himself a processor/loan officer for four months on a multi family (commercial type)loan. I worked with him almost exclusively in this process because of a few factors:
he was always available, by email or phone, responded quickly\
understood my loan, went to the property immediately
interacted professionally and and in a friendlly manner
All sounds good,right? Well, this is a siren song to keep you in the loop and seduces you to not deal with "the other guys". He told me the bank wanted loans in the CRA area where my building was, would give me the greatest rate and best valuation because he and the bank needed this loan for their books. I was a great borrower with decades of experience and great net worth and high liquidity. Again, I look great. The only issue was that because of a massive renovation that I funded personally, I only had about 4 months of solid income with the re-leasing.
How come we are a few days from closing and now, and only now despite weeks of requests, I am getting the amount PNC will lend me on my refinance. A promised 75% loan to value minimum is now like 60% meaning I have to bring to closing $100,000 PLUS just to refinance my old loan that was balooning. I was told it was highly likely that the closing costs would be wrapped into the loan ... now, that is not being considered/discussed. The loan documents that my attorney and I have been begging for have still not be produced. They want to produce them a day before closing. Now they are asking for a current survey (another $3000 that we didn't expect), another PNC inspection ($2000), another appraisal for the insurance company ($800) plus the original appraisal ($2600). They timed their continuous requests for documents so that I couldn't go to another lender. They originally offered an adjustable loan that didn't have any prepayment/defeasance issues....now that is off the table for no reason. Now only a fixed term loan with a pre payment issue that could concieveably cost me $100,000 if I terminated the loan earlier than expected. I can go on and on. Basically, I'm telling you don't do commercial/multi family loans with this bank. They might have said it was a 31/2% loan but at closing table you can bet that won't be what is finally offered. I've already decided on only a one year loan term so that I can replace this crappy bank as soon as possible with an FHA product that will take 6 months to get but won't be be this bait-and-switch routine that banks these days feel they are able to get away with. I could start a lawsuit that would cost me $30,000 to fund but they know it will take you 5 years and they have a lot of firepower to crush you. If I was super rich I would do it just to get back at these guys and probably win $1MM.