for a business line of credit that never missed a payment but was refused renewal due to 3 year profit loss? what goes on during this whole process? will we need to submit new info-they already have our records-financials, etc.....do we get a call, a letter, a visit? what goes on? thanks.
They should submit your account to a "workout specialist" or some special division that deals with other accounts similar to yours. You should have one point of contact that you'll work with. I dealt with this once and had the worst time working out a deal- we eventually moved the debt to another lender and paid off the remaining balance on the LOC with the original lender. It took us over 6 months to work it out. They did give us extensions during that time, but it was not an easy process to go through.
when you mention it wasn't easy-why was that-working out a term/period or a good interest rate or was it what they were asking for? what do they ask for? they already have all our financials that the underwriter needed for the review of our renewal.
It wasn't easy because there was a lot of going back and forth, renegotiating, and renegotiating again, all while we were working with other lenders at the same time. Similar to you, we were never late on a payment, but one of our partners (major guarantor) had passed away, the line hadn't been paid down enough to make them happy, and they just were asking for unreasonable terms to pay it off. I do remember having to provide the new underwriters with all of our underwriting info. again, which was a pain. And I spent A LOT of time on the phone.
