Gaithersburg, MD · Member since 2014 · 44 posts · 15 votes
MD folks, I'm in the beginning stages of my real estate career and need to open business bank accounts. I want an investor friendly local bank that I can build a relationship with. Who do you experienced investors use?
Has anyone used Damascus Community Bank or Sandy Spring Bank for your REI business? Any other recommendations?
I setup my business accounts with M&T. Mainly because they're convenient and also gave me a business credit card. So far it's just been deposits and withdrawals. Nothing fancy, but nothing negative either. Haven't looked into any loan products if that's what you're looking for. I'm interested to hear everyone else's opinions as I'm just getting started myself. Only one deal under my belt.
The best business account in the region by far is Captial One's Business Unlimited account. Free everything - including 5 wire transfers free each month.
If you're looking to establish a banking relationship with a bank you're hoping might lend to you down the road try Bank of Charles Town. They have branches in Maryland and are known to be investor-friendly lenders.
I have business accounts at both Damascus Bank and Frederick County Bank. Both small enough that you feel appreciated and they know you by name when you walk in yet big enough to have all the necessary tools and options needed for business.
There are no Friendly Banks, no friendly lenders -
There are no real decision makers - they are not human -
They make decision by committees
Their advertising tell a different story, "we are friendly, we help you, you are welcome at our bank......bla, bla, bla!"
Do you ever see their names in foreclosure notices - no, only the name of the trustee. They are hiding the fact that they sometimes make bad loads.
Miss a payment and see how friendly they are!
They are only interested in the bottom line, getting security for their loan and looking good on paper and charge you points and interest and other junk fees.
Banks and lenders are ALL ABOUT THEMSELVES!
You want a good loan, get owner financing; no credit checks, no points, low interest rates and good terms.
Want money, talk to friends and relatives
Put together a investing joint venture - you can raise thousands of dollars this way and at the same time have lots of friends who will appreciate the return you offer them.