Rental Property Investor · Washington, DC · Member since 2014 · 94 posts · 12 votes
Looking for additional sources of funds and am applying for personal and business lines of credit. What are the companies & products that you have had good or bad experiences with? On the business side, looking for a company that lends to real estate businesses, a lot of them are hesitant to underwrite RE businesses.
I went from a national bank that had all my accounts and would do nothing for me to a regional bank. They did five commercial loans for me on properties as a I was getting started, but when I had the second five ready for refinance, they backed out. I was thankful that they gave me a start, but frustrated that the backed out of their verbal commitment to do another round of refinances for me.
What I got right was using a local/ regional bank, rather than a national bank. I messed up because I choose a regional bank where I lived (Colorado Springs) but not where my rental properties were located (Pueblo).
After many emails and phone calls, I have found another local bank where my properties are located and they seem excited to work with me. They love their community and have been willing to setup up six refinances for me even though I'm overseas. They've also committed to refinance the rest of my portfolio within the next couple years.
So look for local/ regional banks. Call a bunch of them or walk-in if you happen to be local. I probably emailed and called a dozen before I found one that was excited to work with me.