- September 5, 2018 at 5:31 pm #199312
We refinanced four pieces of equipment from Chase to National Bank of AZ in October 2017. This consisted of three loans on Chase’s side which converted to two loans with NBAZ. Chase had all these loans along with our LOC under an umbrella UCC and refused to release the three paid off loans because of this. NBAZ made multiple requests via e-mail. NBAZ sent a letter of default to us giving until 05-31-18 to either pay off the loans or supply the required UCCs. Chase finally releases one UCC-3 releasing 2 of the pieces of equipment. We are waiting to hear on the other 2 pieces of equipment and have let them know multiple times this is an urgent matter. We find it very aggravating that we are being held responsible for something we have no control over. Is there help for us somewhere?September 13, 2018 at 7:42 pm #247607
I can imagine this is a frustrating situation! If you’ve been assigned a relationship manager (aka, commercial banker or commercial lender) with NBAZ, I recommend setting up a meeting with them to discuss this situation. It’s often a lot easier for your lender to try to work things like this out with the other lender than it is for you to act as the middle person. If you haven’t been assigned a relationship manager with NBAZ, then you could try to give them a call to see if they’ll connect you with someone. If that doesn’t work, go into a branch and ask to meet with a relationship manager. As a last resort, ask to speak with someone in NBAZ’s special assets group. From what I know of NBAZ, they’re very focused on relationships and so I imagine you’ll be able to connect with someone who will do their very best to help you.
Best of luck as you work through this challenging situation!