Ok-we're now meeting with 2 other banks this week-still, btw-no word from workout dept at wells fargo. We're hoping they work with us-what are the chances of other banks working with us (smaller banks) if wells didn't want to renew our business line of credit? We want to term out the line we currently have with someone and transfer all our banking biz top new bank-how realistic is this? Probably not a shot since we don't have strong financials right now or will it be easier to get a term loan rather than a line of credit renewal? We are willing to transfer mortgages as well if bank gives us the go ahead.....how long do we usually have to wait for workout dept of current bank to contact us, btw? Thanks.
It's tough to say how other local banks will respond. If you already have some sort of business relationship with them, that will of course help. Given your financial condition, it could be difficult to find anyone else willing to lend you the money to pay off the existing credit line. You may have better luck working out an acceptable arrangement with your current lender to term it out. My experience has been that the process can take a very long time though. In my case, it took almost a year to work out an arrangement while they kept giving us extensions throughout the process. I would follow up with your contact in the workout dept. often to find out the status of your account. At least that shows you're being proactive.
