It is astonishing that the bank had all the documents laid out as to the objective of the loan but still can say that "they don't recall" and “at no time did the bank agree to” or indicate that it would definitely provide further financing beyond the original loan.
If the "first stage" which is two apartment buildings was a cost of 1.2 million, help me understand what did the bank think the $855, 000 that was loaned to the Spicers was for.
It is hard to believe that an intelligent man as Mr Spicer appears to be would take on a loan that would cost him interest knowing that it would end up incomplete. This is an insult to his intelligence. I would like to think that when Mr Spicer took this loan on he did so with the impression he would see it to fruition. I can only imagine had he known the project would be unsuccessful he would invest "said money" into his two businesses already established.
FCIB needs to acknowledged the role they played in this situation going wrong. This is in an unfortunate occurrence that could of been avoided. This family stands to lose everything and its not their fault. It doesn't seem that this injustice was handed to just them so it gives something to think about.
Concerned_Citizen says...
It is astonishing that the bank had all the documents laid out as to the objective of the loan but still can say that "they don't recall" and “at no time did the bank agree to” or indicate that it would definitely provide further financing beyond the original loan.
If the "first stage" which is two apartment buildings was a cost of 1.2 million, help me understand what did the bank think the $855, 000 that was loaned to the Spicers was for.
It is hard to believe that an intelligent man as Mr Spicer appears to be would take on a loan that would cost him interest knowing that it would end up incomplete. This is an insult to his intelligence. I would like to think that when Mr Spicer took this loan on he did so with the impression he would see it to fruition. I can only imagine had he known the project would be unsuccessful he would invest "said money" into his two businesses already established.
Insulting and astonishing!
On ‘Terrified’ of outcome in CIBC loan dispute
Posted 1 March 2016, 2:57 p.m. Suggest removal
Concerned_Citizen says...
Jaw dropping!Sad!
On ‘Terrified’ of outcome in CIBC loan dispute
Posted 29 February 2016, 10:06 p.m. Suggest removal
Concerned_Citizen says...
FCIB needs to acknowledged the role they played in this situation going wrong. This is in an unfortunate occurrence that could of been avoided. This family stands to lose everything and its not their fault. It doesn't seem that this injustice was handed to just them so it gives something to think about.
On ‘Terrified’ of outcome in CIBC loan dispute
Posted 29 February 2016, 10:04 p.m. Suggest removal