Hello Experts, I am trying to open a bank account for my LLC, that is going to act as the Hard money lender for my wife, when she buys a property. When using the naics code 522292 (This U.S. industry comprises establishments primarily engaged in lending funds with real estate as collateral.) banks are refusing to open bank accounts.
What NAICS code do hard money/private money lenders use to open bank accounts?
Reason to open that LLC is this thread in case you have not seen earlier - https://www.biggerpockets.com/forums/48/topics/460294-how-to-cash-out-1-4-unit-property
Hi @Nandish Parmar , I use 522190 (This industry comprises establishments primarily engaged in accepting deposits and lending funds (except commercial banking, savings institutions, and credit unions) and had no issues. Hope that helps.
@Alan Nelson - Thank you, I will try again with that code. Did you use your LLC exclusively as hard money/private money lender or just a general real estate company?