Bankers? Is bankers good to have on your team?

[Donell Cummings]

I want to know how could you use a banker for your dream team? What are some questions that you would ask the banker? What relationship would you look for with the banker as far as business perspective?

[Jay Hinrichs]

@Donell Cummings  there are two kinds of bankers.

1. what I call a retail banker.. IE the bigger banks that make there money on checking account services making loans credit cards etc.. Unless you have substantial deposit relatinships they will be of very limited help.

2. Commercial banker... IE small commercial or community bank that is in business to support local business's.. this is in my mind the place to be... I owe virtually all my success to my Commercial banker who I have had a 24 year banking relationship with... IN good times he and his bank lends me millions.. In bad times they help me get through when a big bank would cut me off. @Jerry W.  as Jerry states I get first look at all their OREO  and a few years back got some very sweatheart deals that the public would never get.. IE building lots at screaming deals with 100% financing for the lot and construction at bank rates IE 5%..

Now reality check.. these are relationships you have to work at. And starting out unless you have significant experience or CASH to deposit its a maturation process... My very first LOC from my banker was 100k to buy timber ... My high credit with them has been over 15 million.. took me 12 to 14 years to get to that point.