Chosing the right Bank in Baltimore

[Alex Wong]

I am interested in finding one bank in Baltimore that I want to partner with. With so many options, I would like to know your opinions. Below are my criteria.

1. Allowing me to put in less than 20%.
2. Not selling my loan.
3. Allowing me to buy properties with an LLC, secured by my personal guarantee.
4. Expert in the local market.

5. 30 day closing.

6. Offering construction loan for rental property.

Please let me know if you know of any bank that can fit most of my criteria?

Thanks,

Alex

[Ned Carey]

@Alex Wong those will be very tough criteria to meet. The ones that will come the closest will be small local regional banks. Sometimes these banks may only have 1-3 branches. There are a lot of them in Baltimore.  Contact them and find out their criteria.

Regarding the construction loan, the most common approach is to buy and renovate with hard money and then refinance out. Presuming you have built up equity by renovating you may be able to refinance at 75% loan to value and get most or all of your  money back. However most banks will want you to have the property up and running for 6 months or more before they will refinance. 

Every bank will be different in this regard so start talking and getting to know lenders. Sometimes lenders will  not be lending for a period and then the window opens and they start lending again for a while. this is why you need to talk to several and keep in touch with them.