Santander Bank / vicious and unprincipled
Santander is attenpting to close a sba3 business line of credit we have had with sovereign bank for years. They called the credit line, giving us 2 weeks to pay $47, 000 or sign a new document which cancels the existing line of credit and replaces it with a fixed loan with impossible terms, multiple arbitrary default scenarios, and three provisions that essentially have us begging santander to allow us to take the new loan, promising them that if they decide to default us they can take anything or everything we own, and that we cannot file a complaint, ask for trial by jury, or bring the matter to legal authorities.in essence, they are announcing their attempt to collaterize every asset we have, declare default immediately due to ridiculous payment terms (reduce the balance by 60% immediately), then attach and liquidate anything they choose to, all with no recourse by us to have any legal protection, nor any commitment from them to even pay us the difference between what they liquidate and the amount due. Essentially, this is piracy and rape. Do not enter into relationships with santander or any of its owned branches.
I might mention here that we maintain checking and savings accounts with $20, 000+ balance and have automatic payment run by them to pay the credit line, so obviously this is not due to any concerns they might have about us being "credit-worthy" to continue the loan.
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