Banks for Small Businesses & RE Developers/Investors?

Banks for Small Businesses & RE Developers/Investors?

Flipper/Rehabber · Havertown, PA · Member since 2016 · 3 posts · 1 vote

Hi Folks,

I'm preparing to launch into some real estate investing, specifically flipping and BRRR to start. I'm looking for good banks in the Philadelphia area (can be national banks) that support small businesses and also real estate investors. A "good bank" would provide favorable conditions and terms for small business loans, real estate/property loans, and development loans, e.g., for flips, or BRRR, small multi-tenant purchases, etc. I would not include hard money lenders as standard small business banking banks, though I will likely use them for specific projects if they support a project appropriately and competitively.

If anyone has strong recommendations, or recommendations that I'm not going to get from a basic internet search, I appreciate a reply or direct message.  Basic internet searches turn up Wells Fargo, Chase, Bank of America, & Capital One.

There's also a 2-year old thread on here from Parker Russell that had some good points in it, but not really strong recommendations for specific banks and why, although one point made was to just ask at my personal bank account bank.  I will try that one too.

Thank you for reading and in advance for providing some insight.

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  • Contractor · Chadds Ford, PA · Member since 2015 · 567 posts · 460 votes
    5y

    @Jim White check out PFCU. I use them to refinance my rentals after we renovate them. They have good terms and rates. Underwriting is stricter than most I have dealt with in terms of the actual collateral, but if you have clean units with good cooperative tenants then it won't be a problem. 

  • Flipper/Rehabber · Havertown, PA · Member since 2016 · 3 posts · 1 vote
    5y

    Thank you, Rich.  I will check them out.

    Jim

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