I'm in the Chicagoland area and currently banking with a big national bank, but I'm thinking that from a REI perspective that it might be wise to use a smaller local bank that might appreciate my business more and be more flexible about loans than the big guys.
Do people have any recommendations/experiences with more local Chicago banks?
Hi All, does anyone know if any of these banks work for residents outside IL? I have 10 conventional loans and am looking to pick up more property in Chicago. Thanks for any feedback for out of state residents.
@Svend W. the thing is, if you are going with a local bank it is because they have portfolio loans. These are inherently going to be different than what you can get from a big national brand. If you are using FHA or conventional loan products, then I would steer clear of these smaller banks for the most part. It all comes down to service and incentive. I used to work at a credit union years ago, and everyone could get mortgage training to originate mortgages including regular tellers, etc... scary I know. The lender I work with at Loan Depot is paid on 100% commission and he originates over 400 loans every year. Which loan officer is more likely to know how to get your specific loan done?
Again, if this is about using a portfolio lender then by all means go with a small local bank. In that case, the more local you are to their branch the better. Your lender will probably come to your inspection and physically view the property for the bank, and they will be super hands on. In addition, you want to be in an area the bank feels very, very comfortable with as they will hold that loan on their books.
The last commercial loan I did for a building in Cicero, I actually met the bank president. He had been a big part of the process, and he wanted to know all about the project. That is a totally different level of engagement then you will have buying a 2 unit with a conventional product.