Can anyone recommend a local bank in Richmond? My bank is out of state with no local branches and I'd like to have one locally that I can easily make deposits into and to collect rent.
I use BB&T always treated me well.
Thanks @Mike S. I'll check them out.
I followed the advice of a mentor, who suggested that I use a community bank (as opposed to a national bank). As the name implies, these banks invest in your local community. As REIs we are all working for improving our neighborhoods and these banks are happy to help.
Thanks Drew. I've been comparing community banks and national banks and credit unions but right now there's no one I see that comes close to USAA.
Does USAA do Portfolio lending? We are trying to purchase a property in Richmond, but our lender has us in an FHA loan, which will not allow the amount of seller concessions that were in the contract. I'm looking for someone that can pull together a portfolio loan fairly quickly.
@Krista Dodson , USAA does not do portfolio lending and in my experience is not very good for lending at all. They used to have very favorable HELOCs but aren't even really competitive any more and forced my to close my HELOCs when I refinanced the properties. They are not at all the same company that they used to be. USAA is still ok for insurance and banking but little else and they are quickly losing their edge their as well. Unless you have a relationship with a bank, I think you will find it difficult to quickly pull together a portfolio loan.
@LaShelle S. I recently had the same questions and a local investor highly recommended Union Bank and Trust. I have opened an account but have not done much with it. NFCU has been such a disappointment, though, I am about to move a business account with them over to Union. Ok, just saw your post was seven months old. I hope you found someone by now.
Even though they are only located in NOVA, I've been using Burke & Herbert because they have excellent rates, great online banking infrastructure, and fantastic customer service. No local branches where I live or Richmond for that matter though.
I don't know which local bank to use as I am still trying to get into that, but it's my understanding that eventually when your Fannie and Freddie'd out and have to start looking for portfolio loans that if you have an established relationship with a local bank in the form of regular checking/savings, they'll be more likely to make those loans to you. Park-Sterling just bought First Capital, but my boss uses First Capital for investments.
We exclusively use local banks. We found talking to as many as possible was the best method to find the best one. We created a spreadsheet and just fill it with every local bank you find find. We then created a due diligence packets with as much info about us as possible. It included taxes, paystubs, a PFS (personal financial statement) and our properties appraisals and surveys, resume's ect.
We then just went down our list and sent our DD packet to every bank, and asked are you interested in our business.
In the end we found the best terms and have banks fighting over us.
Key to know is you are the customer so shop around.
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