Updated over 9 years ago on . Most recent reply
Best bank for LLCs
Hello,
I have yet to do my first deal but I've formed a LLC for my business. I'm just beginning and I'm torn between a small bank vs bigger corporate banks. I think the smaller bank would be a good opportunity to build a relationship for future deals but is not practical for day to day use being their are only 2 in the city. Also i want to find a bank that makes me feel like they have my businesses best interest at hand and not just out to get my money. Any advice world be helpful.
Most Popular Reply
Bigger banks are not going to offer the kind of loan product you are seeking. They only originate "conforming" loans, while you are looking for "non-conforming" or "portfolio" loans. A loan in the name of an LLC is not a conforming loan. You definitely want to be networking with the smaller community banks because many of them will hold the notes in their portfolio. You will still have to guarantee the loans personally.