We Can't Finance you in Rhode Island

[Anuj Sharma]

Hi All,

Don't you find funny when you receive letter from some financing company that they can finance up to 300k to you for buying next investment property. You spent 30 minutes with them on phone and everything looks good and you got excited. Final noise came "Well Sir, Sorry you live in Rhode Island and buying houses in Rhode Island... We can't finance you there, We are not licensed to finance in Rhode Island". Bummer. I am not sure whom to blame here, snowy weather, corrupt state or what :-). I don't think its worth moving from here for that reason :-).

Thought should share my friday morning experience with you folks. Looking forward for if someone had this same kind of experience and how can we work around that.

Thanks,

Anuj

[Colleen F.]

You run across that with financing and  insurance too.   It isn't Rhode Island in particular, it is because they are licensed or whatever in  particular states.   It happens alot with banks. I had a mortgage with a bank and tried to pay it in another state and I might has well have been in a different bank. This was Santander- they could not process the payment.   With bank of America I live in MA but my account was opened 4 mergers ago in NJ. Its a NJ account governed by NJ laws, if I want a MA account I have to close it and re-open in MA. Sometimes they have to fill out paper forms because I am an NJ account.  States rights at work.   You think though they would know the number they are calling..