Down to the Wire

January 12, 2023

by Marketing Team

Frustrated by their financial institution’s lack of effort and communication while trying to complete an SBA loan to finance a real estate purchase, the prospective client was left with limited options. The financial institution had the loan application for approximately six months; communication was dwindling, and the prospect was losing faith in the loan closing. The purchase agreement had expired, but in good faith, the seller agreed to extend it for 30 days. At this point in the process, the prospect needed to close the loan in that 30-day timeframe. Dennis Welch (SBA Division Manager) and Marilee Jager (Vice President, Lakeville) accepted the challenge and aimed to restore faith in the prospect’s business adventures.

When asked why closing the application in 30 days was essential, the prospect stated, “The process before Frandsen Bank & Trust had been ongoing for seven to eight months, and the seller was ready to walk away. My previous financial institution would make empty promises, and multiple timelines weren’t met. I had spent money on inspections and other fees, which would have been lost if Frandsen Bank did not come through for us.”

In the banking industry, it is important to exceed customer expectations. Our new client and their real estate broker were overwhelmed by the determination and efficiency of the team involved in the loan process. In response to the service, the client stated, “The service left an ever-lasting impression on my organization. I cannot thank Marilee and Dennis enough for coming to my rescue and helping close the deal.” Frandsen Bank & Trust completed the multi-million-dollar real estate project in the constricted 30-day window.

Impressed with Frandsen’s ability to close the loan, the client opened other accounts with the bank. “The customer service was drastically different between my previous institution and Frandsen Bank. I did not have to chase people around or even play phone tag with the individuals working on the loan process. The Frandsen team was very prompt and diligent in communicating whenever they needed additional information from me.” Said the client.

Frandsen Bank & Trust’s mission is to determine needs, develop relationships, and deliver solutions across various locations in Minnesota, Wisconsin, and North Dakota. Our devoted employees delivered on their promise by actively listening, developing professional relationships, delivering custom solutions, and completing the project within the provided timeframe. This was an outstanding representation of Frandsen’s core values of providing superior customer service and communicating effectively.

[Final Thoughts]
Frandsen is committed to providing community-driven products and services to surrounding neighborhoods and towns to improve the area’s economic well-being. Contact a local Frandsen Banker to take advantage of our specialized services.

Down to the Wire

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Down to the Wire