Rental Property Investor · Kalamazoo, MI · Member since 2016 · 78 posts · 14 votes
Hello everyone,
My wife and I are new to the US, (from Australia) and we are looking for a US Bank that is known to be friendly to Real Estate Investors, we want one that
Has good Branch coverage across the US
That will take Property regardless of where it is in the US, as collateral for a Line Of Credit
Understand Real Estate Investors
And is easy to deal/work with
We are based in Kalamazoo Michigan, I have tried US Bank, but they will not accept Property in states other than where the account is opened, not to mention that they have a limited number of Branches so does anyone have some tips or suggestions?
@David Lehane welcome to the US. Me being from England (who just beat you at rugby 3-0 in the test series) you probably won't listen to another word I say!!
Anyway for those others that read on....
Not sure how long you've been here but when I arrived I struggled to even get a cell phone let alone a mortgage, as my credit wasn't established. Then in 2008 I tried to get a LOC on my personal home, that I owned free and clear, with CHASE. Due to the crash in 08 they would loan to me, but the local banks did.
I'm also working with an investor from Denver and her bank recommended she seek a local GR bank for any investments made in GR.
because of the regulations here in the US it is not going to be an easy find for a institutional lender without an established relationship. what type of properties are you buying and in what condition and where in the US?
We are buying residential, fixers and keepers that we rent out, these are our collateral properties, and at this stage we are staying with Residential, both Single and multiple family homes.
Welcome to the states!!! Most of my Ausie friends are solid folks. (That's most, not all... ha...)
I'm based up in GR (Grand Rapids); however, cover the Kalamazoo area as well. (have a few properties that we're about to start rehabs on in the area.. should have a few more soon).
As for banks, our local Credit Unions are usually a bit more Rental / Real Estate friendly. Have a few contacts i can pass your way, but for now: Lake Michigan CU is a solid option. Also in your area: Consumers CU.
@David Lehane welcome to the US. Me being from England (who just beat you at rugby 3-0 in the test series) you probably won't listen to another word I say!!
Anyway for those others that read on....
Not sure how long you've been here but when I arrived I struggled to even get a cell phone let alone a mortgage, as my credit wasn't established. Then in 2008 I tried to get a LOC on my personal home, that I owned free and clear, with CHASE. Due to the crash in 08 they would loan to me, but the local banks did.
I'm also working with an investor from Denver and her bank recommended she seek a local GR bank for any investments made in GR.
Hi all who replied, even that guy from England, bah, you win one lost game and you guys come out of the wood work! But in all seriousness I appreciate your input, I am beginning to think we will need a few banks, in each state that we are investing in, we currently have a rental in Tennessee and a bank, and they won't/can't use the properties we own up here as equity for a LOC, it's an interesting set up, but hey the opportunity is here so here I am staying. Thanks.
We have to get the bravado in when we beat Southern Hemisphere sides. It doesn't happen often!
Locally I have used Talmer bank and done a Commercial loan on a bundle of houses. There was sufficient equity even at 60% LTV, to mortgage what I owed and pull a decent LOC to allow me to invest further. As I buy more on the LOC I then transfer that onto the mortgage and replenish the LOC so, in theory, I will always have funds to buy the next property.