What are some good local banks in Washington for getting commercial loans for financing commercial retail property purchase?
I primarily bank with Keybank. While my banker is very sweet and helpful, she gave lousy terms and rates, and stated that I have very high DTI and pretty much ineligible for any loan. (Eg: Last month, after she advised me that I won't be able to do a cash refi in my rental, another banker at Keybank gave me a pretty good deal and I'm currently doing a refinance).
I'm planning to look in to commercial retail properties, I'm afraid that I'd be hurting my chances with Keybank if i go through her (she had rejected a loan application last year also).
So my question is, what banks might be better, and offer the best chances, before actually applying for a loan?
@Chris Chris With traditional banks, you are probably not going to get the best rates. Have you tried to look for local credit unions?
There are also other types of non-traditional lenders (banks) that could be a possibility. @Nghi Le
@Chris Chris I have found WSECU and Costal Bank were both good to work with. We ultimately chose WSECU because they offered better terms. BECU is also a really great credit union to work with but in my experience they were very conservative in their lending. That said, it really all depends on what you are trying to do. All banks are going to look at your strength as a borrower and what it is you are trying to purchase (debt & the projected cash flow) to make a determination on a loan.
You might be better to look into an asset based lender like Certain Lending. @Nghi Le is a contact there and would likely be able to help you figure out if that is a better route based on what you are trying to accomplish.
Best of luck,
@AJ H. Thank you, Ill look in to credit unions more.
I did start looking at penfed last year but I keep hearing that they are slow and service isn't good.
@John Barrett thanks, that's very helpful. I'll look in to those.
Does it help to open an account first, or directly approach for a loan?
@Chris Chris I would start by contacting the banks and speaking to their loan officers. This way you are not opening a bunch of accounts at credit unions you may or may not actually use.
Once you have identified a bank you like or would like to work with, I would open an account as this will generally make it easier to get a loan if you have some relationship with the bank. Additionally, once you get a loan most will require that you setup an account with them with auto pay for that loan.
Great thanks for your inputs!