Relationship Building with Local Banks
Hey Everyone,
On the podcasts, it's been mentioned a few times that moving funds and beginning a relationship with local community banks, rather than applying at a national bank (e.g., Chase, BofA, etc), tends to make it easier to get funding for projects. I'm interested in doing this but am not sure how to start - do I just choose a local bank and open up a checking/savings account there? Should I make an appointment with one of the bankers at a branch first?
Out of convenience, I do all my banking at a national one...I'm 'bankable' but don't want to have to go through too many hoops with a loan committee or large underwriting department in order to get financing for a purchase. I'd like to know what's available to me with regards to amounts, timelines to close, fees, etc., before I start making offers on properties. Am I going about this incorrectly (buggy before the horse?).
Any insight would be appreciated - your methodology on your first deal would be helpful as well. I'm hoping my first deal will be a small multi-family rental.
Thanks,
Mike