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Extra Phones

Phone: (636) 931-8800

Primary Phone: (636) 931-4280

Phone: (636) 937-8920

Fax: (636) 937-8920

Payment method
mastercard, debit
AKA

Bank Of Bloomsdale

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advise4you

10/31/2011

Overall
Don't go to this bank for a lo...

Don't go to this bank for a loan. They are dishonest and wasted my time and my money.



Here is the whole story:

I went to Bank of Bloomsdale, Crystal City branch, to request a construction loan for building our home. My husband and I were building a small stick frame home with log siding on a property with a few acres, barn, garage, and existing home with a bad foundation. We looked over the plans with lenders and specifically pointed out that the upstairs bedroom was a loft and asked specifically if they did loans for log homes with just a loft. They said they did, but did not know if it would appraise high enough since the upstairs bedroom was a loft style, but if it appraised high enough they would give us the loan. They said our credit, plans, and work history were good for a loan and the only thing we needed to get a loan was a good appraisal. We proceeded forward and paid $350 for the appraisal. A month later the lender called and said he would not give us the loan. After a run around on the phone he said he would not lend to us because the house we were building had a loft instead of a bedroom. I was confused why he had us enter the process and have the appraisal done, since he seen our house plans, when I first walked in and had approved them. He said if my husband wanted to speak to him in person he could if we had any further questions. My husband went to the bank to speak to him in person the next day, but the lender was on vacation. We asked other members of the bank why our loan was refused and showed them our paper work. They replied they had no idea why he would refuse the loan because we had everything we needed and that our appraisal, home plans, and credit looked good. They explained that he was the sole decider on this loan. One week later my husband called and talked to the lender. Realizing that the lender was the sole decider on this loan, my husband asked why he had us pay $350 for an appraisal and wait a month to tell us he would not lend to us, when he could have told us the first day when we showed him the plans and expressed to him that this was frustrating because now we have lost over a month of summer building time and $350, which could have been prevented if he had told us during the first meeting he did not plan to loan us the money, since he knew the first meeting that the house had a loft. He replied that he did not want to lend to a home with a loft, but would not give a reason for why he did not tell us in the beginning.

I sent the above information to the BBB. The lender who we delt with simply wrote back to the BBB saying "Their claim that they told the officer of the unique design of the home previous to the appraisal report does not have merit. There is no evidence of that in the file, the officer involved said he was not aware of the unique design before the appraisal report, and it would be very unlikely that the borrowers would be familiar enough with mortgage loan guidelines to bring that issue to the officer’s attention." I was shocked that we talked to him in such detail about the home plans (this wasn't our first home and we are very familiar with how the process works since we have rehabbed and flipped a foreclosure before) and then he tells the BBB that it never happened! And that we wouldn't know mortgage loan guidelines! I had not expected a bank to outright lie like that and it disturbs me very much. I am shocked and very disappointed and am currently contacting watch dog groups to check out this bank.



I got a loan within one week at a different bank! They didn't even ask me to pay in advance for the appraisal!



Beware of this bank!

Details

Phone: (636) 937-8800

Address: 100 Bailey Rd, Crystal City, MO 63019

Website: http://www.bankofbloomsdale.com

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