Another Blunder by Veterinary Information Network (VIN)
A recent Veterinary Information Network (VIN) article regarding Vet Finance Group concocted by Paul Pion and his well versed veterinary news team, has drawn a response sent to Jennifer Fiala via email with permission to be posted " On Record" by a bank that has a long standing relationship with Vet Finance Group and its management:
Attention: Jennifer Fiala
Over the past couple of years, VFG/Ron Patterson has submitted a dozen or so veterinary packages to me, while I ran healthcare departments/divisions for other banking institutions and more recently Sunwest Bank. Of the packages submitted, I booked a handful of deals and passed on others due to an array of non-qualifying criteria. The most recent packages and deals submitted by VetFinance Group/Ron Patterson are as follows:
1. Harden Valley Ranch – multiple deals funded and the doctor is satisfied with broker and bank services provided.
2. So. Cal Vet Hospital – as posted to the VIN page, Dr. George Cuellar is satisfied with the broker and bank services provided.
3. Christown Animal Hospital – deal funded and the doctor is satisfied with the broker and bank services provided.
4. Bayhill Equine – deal funded and doctor is satisfied with the bank services provided (and the broker returned the deposit in full).
As a standard business practice, I do not accept deals from any brokers or referral sources with a tainted history. I have had my share of dealing with “bad brokers” over the past 16+ years in healthcare banking/professional practice financing experience. Having said that, there is good history with VFG and Ron Patterson. VFG provides an invaluable service that saves me both time and money (by advertising, soliciting doctor business and packaging loans). While I simply do not know the circumstances related to the recent allegations (and therefore cannot comment), I will add that when you pause to read between the lines of the “Con artist or lending lifeline? VetFinance Group under scrutiny article,” it doesn’t look like Ron was ever convicted of anything. While I am sympathetic to any business owner/doctor that was allegedly swindled out of money – as in any industry, understanding the role and function of the “middle-man” and; reading and comprehending any agreement before you sign it is… Basic Business 101.
I think that every business owner needs to understand that times have changed with the recent collapse of the real estate market, resulting in federal and political involvement in the banking arena. There are some pretty strict regulatory guidelines that have filtered through to the commercial lending sector, which have had a direct impact on almost every aspect of the loan approval process (and turnaround time). I witness the frustration of business owners every day and I can’t imagine what it is like to be a broker out there, attempting to keep promises in a world where the “credit box” is on the NASCAR circuit. Having said that, I also think that healthcare professionals have a higher level of expectation than what most banks are able to deliver. It is imperative that a doctor selects a bank that understands the healthcare sector.
Have a great long weekend.
Evan Barker, SVP Healthcare
This is one of many responses in support of Vet Finance Group. One particular item of interest, is that in the disclosure of the practices identified above (and there are several more over the years with this particular banker), Bayhill Equine did close on a loan for over $1.3mm with the efforts and per the outline of a consulting agreement signed and accepted in full by Dr Wayne Browning and Vet Finance Group. Bayhill Equine had requested that their commitment fee be refunded as they were not going to proceed with any loan at that time. That fee was returned in full by Vet Finance Group. Thanks to VIN News reporter, Jennifer Fiala and her follow up, we discovered that Bayhill equine and Dr Wayne Browning owe Vet Finance Group upwards of $11,000 as per the clause of the agreement they signed.
It would be interesting to see and quite candidly a bit disturbing to not have any type of follow up by the VIN news team to ask Dr. Wayne Browning why he did not pay the fees owed to Vet Finance Group. Is the title of the article Con Artist or Lending Lifeline maybe referenced towards a veterinarian? This information I am sure will set the team back to clean the egg on their face. We call for VIN to assist in recovering this lost income to Vet Finance Group since their position of being fair and unbiased as per their mission statement would certainly be the right thing to do.
Posted by Stuff That Needs Saying at 16.7.11