Luckily, this won’t have much of an impact on my business, but one of the two lenders I’ve been using to finance my properties just ended up as the 21st bank in the U.S. to fail in 2009!
The reason it shouldn’t have much affect is that I’ve primarily been using a different lender for my most recent houses, so I have no dependence on this particular bank. But, it was nice having a backup financing option, and I also really liked the guy who I was dealing with over there.
The only loan I currently have with them is on The Second Chance House, which should get paid off in the next week or two when we close on the sale; so I don’t expect there to be any major drama around my loan getting sold, dealing with the new bank (or FDIC), etc.
My biggest question now is how I get to the $100 I had in a checking account at the bank. I’ve heard that the bank’s assets were sold to SunTrust Bank…I’ll have to stop into my local branch next week to see what hoops I have to jump through to get my $100…