All Topics / Finance / US Finance

Viewing 7 posts - 1 through 7 (of 7 total)
  • Profile photo of Richard TaylorRichard Taylor
    Participant
    @qlds007
    Join Date: 2003
    Post Count: 12,024

    Thought all of you who think that life in the Australian finance industry operates at a snails pace would appreciate a recent email I received from one of my US Banks.

    28th July 2005 – I submitted a clients application for pre-approval. Lodgement in the US I do electonically for speed although this was the first application with this new lender.

    The Bank had courted my business over the last few months and had promised me the world if we gave them a chance.

    After 2 weeks of constant telephoning and getting nowhere I received an email from the lender on the 18th August advising me that the loan had been approved and could I provide them with my fax number so they could fax over the approval letters.

    Some 10 days later and again after constant telephoning i still could not reach the lending manager concerned.

    Calls through the night to every other extension in the Bank and leaving a string of messages I eventually get a response last Friday which read along the following lines.

    “Dear Richard
    The loan application for $27,000 for client XXX has been approved and the letter of offer is attached.
    Unfortunately, we are unable to make IDD faxes from the lending centre here in New York and the Bank does not have a scanner. I therefore purchased a scanner last week from the local computer store taking it home to scan over your approvals. My apologies for the delay and I assure you that we have now fixed the problem for the next application
    regards

    Andrew XXX Bank, Wall Street, NEW YORK”

    Hard to believe in 2005 when we launch a man on the moon, can take out a nation by sitting on acomputer that we can’t as one of the largest lending institution in the USA send faxes out of the country.

    Cheers Richard

    Ph: (07) 3720 1888
    [email protected]
    http://www.yourstatefinance.com

    IP funding and US property finance
    our speciality

    Richard Taylor | Mortgage Broker helping investors build their wealth thru property
    http://www.mortgagecapitalaustralia.com.au
    Email Me | Phone Me

    0-40 Properties in a decade with a unencumbered portfolio value in excess of $40M. Ask me for a copy of my API Interview.

    Profile photo of Stuart WemyssStuart Wemyss
    Member
    @stuart-wemyss
    Join Date: 2003
    Post Count: 598

    That is juts laughable. It’s almost hard to believe.

    Cheers

    Stu

    Profile photo of Richard TaylorRichard Taylor
    Participant
    @qlds007
    Join Date: 2003
    Post Count: 12,024

    Stu

    If I told you they were the 9th largest lender in the US you would find it even harder to believe.

    Cheers Richard

    Ph: (07) 3720 1888
    [email protected]
    http://www.yourstatefinance.com

    IP funding and US property finance
    our speciality

    Richard Taylor | Mortgage Broker helping investors build their wealth thru property
    http://www.mortgagecapitalaustralia.com.au
    Email Me | Phone Me

    0-40 Properties in a decade with a unencumbered portfolio value in excess of $40M. Ask me for a copy of my API Interview.

    Profile photo of grossrealisationgrossrealisation
    Member
    @grossrealisation
    Join Date: 2005
    Post Count: 1,031

    hi Qlds007
    It doesn’t surprise me its not just the banks.
    I sent a spread sheet to mcdonalds head office in dallas and asked them to burn a cd disk with what I wanted and send it back to me.
    They sent me the chair, air freight 10 days because nobody had a cd burner, when it arrived I couldn’t stop laughing.
    The american’s can put a man on the moon but are not highly computer compliant.
    So this would not be unusual for most us institutions.

    here to help

    Profile photo of kpkp
    Member
    @kp
    Join Date: 2004
    Post Count: 509

    They sent you a ‘chair’

    I don’t get it….
    Must just be me…. or maybe its a bit late atm…

    Profile photo of Nat RNat R
    Member
    @nat-r
    Join Date: 2004
    Post Count: 224
    Originally posted by grossrealisation:

    hi Qlds007
    It doesn’t surprise me its not just the banks.
    I sent a spread sheet to mcdonalds head office in dallas and asked them to burn a cd disk with what I wanted and send it back to me.
    They sent me the chair, air freight 10 days because nobody had a cd burner, when it arrived I couldn’t stop laughing.
    The american’s can put a man on the moon but are not highly computer compliant.
    So this would not be unusual for most us institutions.

    here to help

    Not strange at all….many large companies to not have CD burners or floppy disk drives in their computers as they can’t monitor files that might be taken offsite via these methods. Keep in mind a lot of the information that is swimming around in the networks of big companies has a lot of value if you can take it to a compeditor.

    It s a big problem in investment banking.

    Profile photo of grossrealisationgrossrealisation
    Member
    @grossrealisation
    Join Date: 2005
    Post Count: 1,031

    hi all
    yes I know especially the military as even laptops dont have these drives for the same reason.
    The chair was a different project ( the orange, yellow, blue high chairs most of the babies sit in)I don’t only do real estate business.
    I have found there organisations to be very slow moving compared to the asian or european businesses.

    Qlds007
    not sure if you have anyone with connections in dallas usa maybe looking for a 50 to 100 sqr mtr shop and a bank/lender or an accountant for us business structures.
    early days at the moment and will be looking for them.

    here to help

Viewing 7 posts - 1 through 7 (of 7 total)

You must be logged in to reply to this topic. If you don't have an account, you can register here.