I am looking for a good regional or small bank or credit union that offers good terms and products for investors in Michigan. I have a good amount of collateral, experiance and can bring in 25-50k cash to open accounts. I have bootstrapped it thus far, but would like to have some financial backing as I grow. Being in banking myself, I know most banks I deal with are not interested in lending to real estate investors at this time. Does anyone know of a bank that is "investor friendly" or have any individual bankers they would recommend?
I don't necessarily have any info to help you out at the moment since it sounds like we are in about the same boat but I just wanted to post something so I can track this thread. Good luck with the hunt and if you find anywhere that you would please let me know.
@Corey Hajduk I was going to do the same thing, but at the top of each thread there is a button, "Monitor Topic", that allows you to be alerted if anyone posts to the thread. I kind of stumbled on it by accident, but have found it useful in other posts that I want to see what others respond with.
I just posted a similar question and was recommended Key Bank for creative financing. Another thread suggested Vibe Credit Union but didn't give any particular reason. Vibe is SE Michigan only, while I think Key Bank is statewide.
Thanks for the tip, @Adam Smith !
Community Choice Credit Union has been good for me for 30 Year Conforming mortgages. I also just did a Commercial loan with Lake Trust Credit Union. Good People. Give them both a call.
Gregg Khoury in Residential Lending at Community Choice.
Ken Michalak Commercial Lending Manager
Lake Trust Credit Union | 7927 Nemco Way | Brighton, MI 48116
Direct Line 517.267.7306 | Fax 810.229.3125
In SE MI you may want to try Bank of Birmingham or more state wide MBank. They are smaller lenders who are hungry for 5+ units buy and hold. Not so much for the fix and flip.