Bank and Loan officers suddenly go silent

[William Powell]

Good good credit, 6 properties paid off with plenty of equity. I went to local bank president and spoke with them everything sounded good. I told them that I wanted to do a cross collateralized line of credit so I can buy properties at discount fix them up and refi out of them and pay back the line of credit. The bank says this is what they do. I gave them all the paperwork and more in a packet they needed. It's been a week ago and haven't heard from them since. I called it was told they had loans in front of me and they were busy but would call me the next day but no call. This seems to be commonplace when I go to the bank. I posted this because I see no one Speaking on the bank ghosting you. They don't say no or this is what we'd like to see better. The loan officer just moves on as if you never spoke or submitted an application. What am I missing?

[Robin Simon]

Quote from @William Powell:

Good good credit, 6 properties paid off with plenty of equity. I went to local bank president and spoke with them everything sounded good. I told them that I wanted to do a cross collateralized line of credit so I can buy properties at discount fix them up and refi out of them and pay back the line of credit. The bank says this is what they do. I gave them all the paperwork and more in a packet they needed. It's been a week ago and haven't heard from them since. I called it was told they had loans in front of me and they were busy but would call me the next day but no call. This seems to be commonplace when I go to the bank. I posted this because I see no one Speaking on the bank ghosting you. They don't say no or this is what we'd like to see better. The loan officer just moves on as if you never spoke or submitted an application. What am I missing?

 I think this represents a good example of the marketplace for loans when considering Banks / Conventional Lenders vs. Private Lenders with the Pros and Cons of each

One of the potential cons of Banks is that while your rate may be a big lower, they are much slower moving, have less flexibility (face more beauracracy and regulation) and sometimes can be super less responsive like this.

A good private lender on the other hand may have rates a tad higher, but its more likely to move much faster, have much more responsive and better service and have the flexibility to get deals done.