How to deal with a really stupid Credit Union?

[Coyote machine]

Good point! Duh on me. I hate banks, can you tell?:confused3:

 

[Arc weld]

Buying land to build a cottage is buying land intending to put a residence on it. A little different but I'll see what kind of response I get tomorrow regarding the appraisal.

 

[luvmexfood]

Hope all turns out well.

 

[check]

Buying land to build a cottage is buying land intending to put a residence on it. A little different but I'll see what kind of response I get tomorrow regarding the appraisal.

Good luck to you'

 

[newbury]

The person I talked to at Servus, the large CU was really good. I told her the issues I was having before the ridiculous $2600 appraisal. The only reason for the appraisal is just to confirm the land is worth at least what the county tax assessment is as far as I can tell. Also about a month ago a guy came to ride at my track and just happens to be a branch manager at a Servus location in a smaller town not too far from the track. He's younger but he got the manager position because no one wanted to move there. He did say he could drop the application fee's and to call him even if it's just for advice on things.

Despite Coyote's rant all CU's/Banks are not bad. That said -

Also about a month ago a guy came to ride at my track ...

WHAT THE H???

Jump on the contact! Take advantage of him! Give him a free ride

You've got a nearby Branch Manager use him.

 

[Arc weld]

The concern I had with going through him is that he is fairly young and I'm not sure how experienced he is. After all I did just met him...

Hmmm, that was my initial thoughts but after dealing with the nit wit I am now who apparently is supposed to be experienced, maybe I should be talking to him? I at least have idea of an interest rate and what I'm looking for.

 

[Coyote machine]

Not all anything is bad, including CUs and banks, but a majority of them, in the US at least, are out of their minds and extremely difficult to do business with, and that's no rant, it's fact.
And, the guy who came to your work IS likely your key person to solve this issue. Use him.

 

[aledobud]

My credit union has 2 percent loans on autos, boats and RV's. I thought that a tractor may qualify. They last a lot longer and hold value better. Nope, 8%. I guess it's because they aren't registered like the others. What really does't make since, is that they have a 6% loan you can collateralize with your own funds in the credit union; which obviously you can't use until the loan is paid off. How can a car be better collateral than cash and why would you want to do that anyway?

 

[Arc weld]

Now this idiot comes back and say's the 2nd appraiser doesn't do commercial and they're trying to find a cheaper appraiser than $2600. She says the other option is go off the county tax assessment but then could only do about $44,000 and I'd have to come up with $26,xxx something for the down payment and I could get a personal loan for the rest. Interest on a personal loan is going to be higher than a mortgage. I responded this is getting beyond ridiculous and listed all the conflicting and wrong information I have received so far. The first thing she did when I originally talked to her was look at my file and noted it wasn't a commercial mortgage but a personal mortgage. I told her she even confirmed she could do a $60,000 combined mortgage for 3.04% and that's why I went ahead and paid for the development permit. I said I would expect a Credit Union to have knowledge in this area but what I have received is the exact opposite. I ended my message by asking the big question, "Do you want my business?" I'm all for good customer service but this is horrendous. If I gave this kind of service to my customers I wouldn't expect to keep my job. I'll see what kind of response I get tomorrow. The Credit Union has a new manager since the old one who was also the town mayor for several years retired. Maybe I should go straight to the new manager and tell him the nightmare I'm going through?

 

[ultrarunner]

I've given up in disgust with lenders before... even a lender that I had a 7 year track record with that sent me a flier offering to refi... total disaster!

It was TBN that persuaded me to give my credit union a try and I was expecting the worst and ended up pleasantly surprised.

All I can say is the person you are dealing with can be make or break.

My brother has 25+ years in Real Estate and 80% of the time he uses one broker with the reason being in a few minutes he can say yes or no... and so far... he has never said yes and not performed.

Too many today are just transitory... here today and gone tomorrow and this can go for the whole organization.

One of my friends did his whole shop on credit cards... charged and took advantage of a next to nothing balance transfer and when the building was complete and signed off... then went and did a conventional loan with his home... that proved much easier than anything tied to construction...

The last home I bought was from a couple moving to a retirement home... we talked it over and I offered to put down a large down from the sale of my current home if they were interested in carrying the loan for the balance... that was 12 years ago and it has been a win/win with less than 3 years left... and it sure felt good not using any lender/banker or avoiding much of the fees like appraisal...

Hang in there... it's not a bad time to borrow for improvements... it's just the process sucks.