I had applied for a commercial loan with Regions in St.Louis to purchase the PROPERTY that I have my business in.
Regions kept trying to say that I was trying to do a business loan to purchase the business. WRONG...WRONG, I AM the business and the last time I checked, I already own me. But, get the Assistant Vice President for Sba Loans to get that through his head is another story.
He worked on this for three months and kept coming back to me for something else that he needed that I had ALREADY given him.
During the whole process, it was one excuse after another.
Finally, after my Real estate agent talked with him and asked to see how many loans had been produced for the last quarter from Regions in St.Louis, He had a long silence and said he would get that as soon as possible.
THE NEXT DAY, he calls me and tells me that unfortunately, the "underwriters" declined my loan and couldn't give me a reason.
This is also after he went through all of the hoopla by bringing over the branch Manager for the Bank closest to me to meet me and to tell me that his bank is where I would be doing all my business at. The irony of all of this is, I went to another Bank and had given them the EXACT SAME PACKAGE that I had given Regions and they had it for three weeks. I was APPROVED right away. Bottom line.... Regions is known for what is called "RED LINING" clients.
They also purposly keep you hanging because they want the intrest rate to rise BEFORE they grant a loan.
I have already filed a Formal complaint with the BBB as well as the Securities Exchange Commission regarding Regions Banking practices.
My advice to ANYONE looking for a loan wether it be a Home loan, commercial, or auto, GO SOMEWHERE ELSE. REGIONS isn't worth the sweat out of a dead persons backside. They're rude, arrogant, not to mention, INCOMPITENT. If I could give a lower rating than zero, I would.
REGIONS SUCKS BIG TIME.