Small Local Banks Require A Different Workout Approach.

We handle secured loan workouts and SBA guaranteed bank loan workouts all over the country. Hundreds of them, successfully. Most banks act in the same way, understanding the situation and appreciating our approach. Thus, we close our workouts preserving assets and reducing debt significantly.

Along the way, however, we run into many local banks. Small, local, community banks where everyone knows each other and the bankers act as though the money at risk is their own money. They are very aggressive, very quick to draw and shoot and slow to settle. Unfortunately, they take it personally. They usually want it all returned with interest, as agreed.

In the end, it all works out the same way, successfully, with appropriate debt forgiveness, but it requires an entirely different mindset, a different approach, a different style and much patience and understanding that it will work out as we project in the end. However, in order to get there we must be very patient and carefully work the bankers, understanding their emotional attachments to their preconceived conclusion, being complete payback.

Our clients usually have heard the threats and warnings before they engage our services and are typically filled with fear and don’t really believe we can do anything for them because their banker is wild, angry, and telling them that there will be no workout, no forgiveness and that they expect full payment as agreed, or “all hell will break loose,” whatever that means. Emotional poppycock. Of course they will do a workout and they’ll do it on our terms.

The lesson once again, but for different reasons, is this: do not listen to what your banker is saying. Call a workout expert experienced in handling small bank secured loan workouts and then step back and let us do our magic. From our experience, we know it will work out. It simply takes more understanding, definitely a third party expert intervening for the best interest of all involved and the skill and know-how called for under such circumstances.

Call us at 413-584- 2581 and Norm will arrange a no-obligation teleconference so we can discuss your options. There is always a plan that will work, even with small local banks.