Had to use them to get a business loan.  1.05 million now down to 990k in 6 months. 270 on building, rest is blue sky good will.  No Citibank branches in Texas so I do my day to day banking local.  The service they provide is poop on a stick.   I can’t find my loan papers and have been requesting  copies since November. Still haven’t gotten them.  Inept not malicious.  Got 4 emails and 2 calls today.   They needed 3 months of bank statements and said I have violated the terms on the loan by not using them as the working account.  I just transfer the 10k of loan payments in each month.  I tried to use them but the service was just to bad.   It took 2 days and 8 hours of phone calls to wire transfer from them to the title company to close the loan and that is just one story.  Never missed a payment, business is doing 20% better than when I bought it.    125k in cash in business accounts right now. I have a meeting with them tomorrow to discuss in detail.
-if they call the note how much time will I have to line up another lender?
-the bank we are using seemed very interested in taking over the loans but when I tried to set up a meeting to get details I get no response.
-any idea the cost to move 2 loans to a new bank?

1% + your pre payment penalty. Big banks can really suck for small business but it also sounds like you don't have a clue what you are doing.  The requirement to bank with them for the loan wasn't a suggestion it was part of the contract.  They will probably give you a chance to cure,  but you are in default.

You should look into some credit unions that offer commercial loans.

Sounds like you were in desperate need of money and graciously took the money when you realized that loan was approved.  However, it also sounds like you did not read the terms of the contract well either.

Both are astute observations.   The wording sounded like banking was a suggestion not a must.  I did t realize no banks in a 3 state radius and wanted to do business with them.   Talked to one guy today.  He was 35min late on the call.  Said because no way to do business out of state they have to make “insert legal word”. Said a second guy would call to set up in 5 min.  Guy hasn’t called in 3 hours.  I extended the paper trail on asking for loan documents and recorded the conversation. No prepayment penalty was a specific request on our end.  I’m going to delay and buy time to get another lender. Worse come to worse I could get the family to cover it but that would be a last resort.

What did you collateralize the loan with? Blue sky has 0 value to a bank unless sba backed.

If somehow they lent that much on blue sky (I've never seen a bank do that) then they sure as hell don't want it back.  It has 0 value on the auction block.

Dental loan.   The paperwork says it’s only 600k blue sky but a dental chair with no dentist has no value. Rona happened and gov was giving free money so BofA and Wells Fargo took all the lending staff and moved to ppp loans.  Only lenders left were Lendover who wanted me to cash out 125k of retirement to give the loan and Citibank.

Not that it matters but id be curious how they showed that loan on the paperwork. Blue sky has no real value. You can hire a dentist for a chair.  All the chains do.  Not every dentist is an owner. That would never pass the auditors.

They may have just written the re as being worth a lot more.  Ive seen that.  I probably carry some loans like that.  ?? or they have a lot of highly collateralized loans that make their balance sheet okay.

Good luck to you,  hope you find what you need.

They have gone silent.  No contact of any type.  He mentioned flagging in the system.   I am going to keep 2 months of loan payments in the account and see if that keeps them quiet. They valued all the dental equipment at 150k or so but it might be worth 20k.  They have the building loan as well and a foreclosure would take both.  Good luck hiring a dentist.  Average turnover is 8 months so they are constantly looking for replacements.   In Texas you can’t own a dental office if you aren’t one.

If they aren't sending you official notice of default and aren't charging default rate and won't talk to you probably means you are small problem and they have much bigger problems assuming you keep making payments.

Assuming you still don't like them though,  look at some credit unions in your area that do commercial loans.

Banks will finance "goodwill" for professionals such as dentists to purchase a practice. Yes it's basically unsecured but dentists tend to pay historically and overall it's a profitable banking relationship.

Loan failure rates are 0.5 percent on average. I’m not sure how much they actually lose dollars wise.