Thank you for your question. I look forward to working with you to provide you the information you are seeking.
As you may or may not be aware, a 7a loan can be used for more than just real estate purchases. If the bank advertised 7a loans without any clarification, it is not false advertising
, it might be unfair and deceptive business practices and for that to be determined you need to file a complaint with the FL Attorney General and the Federal Trade Commission. The fact that they simply advertised 7a loans but said nothing about strictly RE loans is not all by itself false advertising, the Attorney General will look at the entire practice to determine if they deceive people to get them into the bank, but because you did explain the purpose and they did go through a credit check before telling you they did not do that type of loan, they will also investigate whether or not your credit score had something to do with their decision as well.
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