Suntrust / refusal to lend
This letter is being written to document the negative impact the financial institutions are having on our current economy. My name is Jeff Schwarz, and I am one of the largest, private commercial landlords in North Carolina. I have been both an incubator of small businesses and partner to large businesses in the market for over 45 years, and, until recently, have had an outstanding relationship with over 70 community banks. It has recently come to my attention that a local financial institution, SunTrust Bank, refused to renew a small commercial loan that they had owned for 5 years. Immediately, I had one of my employees request renewal terms, and received a response from the bank in less than one week: 12 month renewal, 12% interest rate, 1% origination fee to the bank, and all updated third party reports. These terms are a disgrace to any investor, large or small, and the American public should not have to be forced to deal with issues such as these during this economic crisis. Banks can only make money by lending money, and for an institution such as SunTrust Bank to deny credit, or offer terms that may as well be saying no, is absurd.
As an upstanding member of a small North Carolina community, I am not going to sit back and allow these financial institutions to crush the American Dream. I would like your help, as our elected official, to make an example out of this event and help us, the consumers, fight through this economic turmoil. Consumers are giving these banks billions of dollars in TARP funds, and are not getting anything in return. I am outraged, and hope that you are as well.
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