BiggerPockets

changing of financial products

Thursday, May 20

Remember when someone could walk into a bank and get a blanket loan done over several houses into a commercial loan, or that apartment building that needed some work on it? Those days are gone unless you have that special relationship with your bank.

In fact I think most type of individual borrowing is hard unless you have a relationship with your bank.   

That is why provate lending is becoming more important today even with the people who have great credit and a good project. Private money does not have to answer to regulators and their boss unles it is their spouse. Yes they do charge more interest and there are some point involved but when you want to get a deal done and the bank says no, private lenders is always a option

Comments

1. 

   Dale Osborn Reply
   almost 2 years ago

   Every banker that has used the term relationsship with me has meant move the money from my pocket to theirs and then they screw you! The term relationship on the lips of a banker means to guard your money with your life!

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