Consumer complaint received 2023-07-25
Product: Mortgage — Other type of mortgage
Issue: Applying for a mortgage or refinancing an existing mortgage — 
Company: SANDY SPRING BANCORP, INC. (MD)

My XXXX XXXX has a commercial loan with Sandy Spring Bank, headquartered in XXXXXXXX XXXX My company, XXXX XXXX XXXX, XXXXXXXX XXXX XXXX XXXX, financed by Sandy Spring Bank. XXXX XXXX {$160000.00}, matures XXXX 

I contacted SS Bank months ago and was led to believe that this loan would be renewed, as it had been in the past. Financials were requested in an email from the bank on XX/XX/XXXX. XXXX was corrected by the bank so the auditor would approve on XXXX. 

A YTD balance sheet was requested XX/XX/XXXX. All signs pointed toward an uncomplicated renewal. 

On XX/XX/XXXX, I received a call from a relationship banker, asking me what acccounts I could bring to SS Bank, in exchange for renewing the loan. 

When I questioned the team I had been working with, they confirmed that tihs loan renewal was now conditional on bringing significant other business to the bank. This is now 6 weeks before loan maturity. 

One team member confirmed by email that leadership would extend the loan 6 months to allow me to find another bank to refinance the loan. This has not been memorialized in any reliable fashion, despite several requests to do so. 

This type of loan is diffciult, if not impossible, to refinance in today 's financial climate. My credit score and reputation have now been put at risk. 

While I understand that it is common practice to offer a lower inteerst rate in exchange for opening a checking account, for example, I do not believe it is ethically appropriate, nor legal to " TIE '' a loan renewal to a demand for moving significant funds to the back as compensation. 

Please see emails : XXXX XXXX  XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX I uploaded the documents you requested. Please check and let me know if anything further is needed. 

Best, XXXX XXXX XXXX XXXX XXXX  XXXX XXXX XXXX XXXX XXXX to me, XXXX Thank you XXXX XXXX! I reviewed the Beneficial Ownership Form and there were just a few changes that needed to be made. Please review and sign the updated form attached. 



XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX ) .pdf 435 KB Download Attachments XXXX XXXX XXXX XXXX XXXX to share documents securely. 


XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX there an issue with the renewal on XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX  XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX  Hi.is there an issue with XXXX XXXX XXXX XXXX renewal? I got a call today from XXXX asking me to move other relationships to SS Bank. Need to know if my renewal is conditional on moving assets to your bank? I am not sure that is ethical and I hope that is not true. I have several loans already with SS and have never had an issue with renewals. 

Let me know immediately if there is a problem as this loan matures very soon. 

Best XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX  Hello XXXX XXXX XXXX XXXX is correct XXXX your renewal is conditional based on the transfer of your deposit relationship to Sandy Spring Bank XXXX Should you decide not to transfer your relationship the loan will need be re-paid in full prior to the renewal date. 

Sincerely, XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX SandySpringBank.com Fax XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX ( 10 days ago ) to me Good Morning XXXX, I spoke with my team lead and head underwriter. Unfortunately, at this time a full deposit relationship is required when our team is looking at renewals or new loan requests. We currently aren't even entertaining investment/rental property requests. The loan expires on XX/XX/XXXX, and I was able to convince them to extend this loan an additional 6 months ( using updated rates ) to help you find another financial institution to take on the loan. Again, this is coming from the top of the house, and they are not making any exceptions when it comes to the deposit relationship. I truly apologize for any inconvenience this might cause and wish you nothing but the best moving forward. Dont hesitate to reach out to me with any questions, I'll do my best to answer them. I wish there was more that I could do. 

Thanks again, XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX