In my experience these bankers are all alike. It is so hard to get any money from them and recently the risk threshold of the banks has ratcheted lower. They constantly ask for more and documentation, personal guarantees, and drag out an application process that is doomed to fail. This is making it nearly impossible to finance excellent projects (like mine). My projects that get rejected would actually be successful and lead to repayment. However, due to the scale and fees involved, the bankers are suckers for the bigger operators. The banks would prefer to make one 100 million dollar loan rather than 100 one million dollar loans. The route of this seems to be the banking system is lazy and smaller businesses are frowned upon by internal policies.
Every once in a while these big loans go sour. Today’s jackass award goes to royal bank. Let’s hope they lose their shirt on this massive loan and maybe reconsider making some smaller loans to small builders ( that’d actually be paid back rather than defaulted on).
how much of the 64 million dollars will royal bank get back? Hopefully they lose enough to maybe consider offering small builders loans.