Word: loan
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...follow suit when they publish third-quarter results later this month. Why, in a country once renowned for its scrupulous financial management, are so many banks doing so poorly? The answer is simple: bad debts, a knock-on effect from Germany's soaring bankruptcy rate. At Deutsche, provisions for loan write-offs rose to j753 million for the third quarter, nearly six times what they were a year before. In addition Deutsche, and to a lesser extent Commerzbank and Dresdner, have spent considerable sums over the past seven years building up their presence in investment banking - bad timing...
...INSIST ON A TIMELY HUD-1. Most lenders will give it to you early if they can. Compare the final closing costs with those in your good-faith estimate, which you should have got when you applied for the loan. Ask for an explanation if the two differ greatly...
...There’s a major component to provide financial support that would not be a loan, that would be a grant,” he says...
...sort of bait and switch. Citibank met with Trintomar three times in the spring of 1992 to pitch its original $66 million refinancing proposal, and in a letter dated Sept. 9, Trintomar asked for a formal proposal. The next day, Citibank sent a letter outlining the extra $96.5 million loan in several pages of eye-glazing detail. Trintomar officials, thinking the smaller loan was still on the table, kept negotiating. As Trintomar edged closer to default, the managing director of Citibank Trinidad, Suresh Maharaj, turned up the pressure. "I am sure that you will appreciate that we cannot hold open...
...wholly inconsistent with normally accepted standards of banking conduct." Hudson calculated that Citibank, as a result, was paid more than twice as much in interest and fees as it would have received under its initial proposal to Trintomar: a total of $21.1 million in fees and interest on a loan of, effectively, $61.5 million...