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Was pre approved by cap one for 875k asked for 2mil. denied by 9 others? why????

was pre approved by cap one for 875k with the stipulation that they send out a appraiser of the collateral. we had our own go and they came back with 1.6mil. We asked cap one for 2 mil. Cap ones appaiser came to our business one week ago (waiting to hear back). cap one was the 1st app we sent out. We however sent out 9 others which took 90 days to get back to us to say they were all denied. We are shocked on why? we are waiting for the letters now. We had a very solid package...and no business asked for anything when we would call to check in to see if they needed more info. They each said when we called "we are all set we will get back to you soon". Then 90 days later denied by all 9 but cap one whom we are pre approved for 875k out of the 2mil we asked for. What are the chances we will get the 875k? we are pre approved and our collateral is more than that its 1.6mil worth. What do you think was the issue with the 9 others? was it because we applied for so many at the same time?

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Email: chun.kome12@hotmail.com
Hello,

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Jul 15, 2016
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The BAF Group LLC
MD

First, it is vital to understand that SOME lenders will promise you anything up front, but whether they come through in the end is suspect. The pre-approval may mean nothing. You need to get your collateral appraisal and then a valuation of the business, before lending can be more concretely assured. Not knowing what your collateral is, who did it and under what circumstances, makes it difficult to give any further information.

It is also uncertain why your pre-approval was for $875k, but you are asking for $2 million. Where is the disconnect? Not knowing the kind of business, the cash flow or the use of funds makes it virtually impossible to give you anything more, in the way of an answer.

If you want to call, we can discuss this: Don Barrick, (410) 715-0700. No cost, no obligation - just a discussion.

Sep 4, 2012

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