Who's not banking local? Why are people with BofA and the like?

[Rob Beland]

I see a lot of posts about where to go for loans for commercial properties and questions about having too many mortgages and lots of people with questionable credit but good experience, lots of capital, etc...

My question is how many of you are not with a local bank at this time? If you're with BofA or one of the other big banks you're basically just a number to them. Who do you have your personal checking account with? Do you have a local credit union?

Why aren't more people signing up with a local bank that can do portfolio loans, has a commercial lending department and they know who you are when you walk in the front door? 

If you need financing, go to your local bank and ask to see the head of commercial lending. Sit down with them and explain your situation. You're now a face and not a number. Start a relationship with them. Move your savings account over, open a CD. Get to know the people at the bank. Give them a reason to invest in you and lend you money.

Good luck investors...

[Steve Vaughan]

@Rob Beland I completely agree.  Not only are you just a number to them, but their hands are all tied by the same underwriting guidelines of Fannie and Freddie.  Not an exception to be had anywhere with the big 3. (WFC is so big they may have some they hold, but in general they are all the same!)

I'll go one further.  In the wake of the bailouts and foreclosure scandals, robo-signings, etc why do we use these guys for our credit cards or banking needs at all?  I'm guilty of having one national banking relationship held over from the days the little guys weren't online, but they are now.  Aside from from marginal advantages anymore - the small local and community banks are the way to go for me.  Support your local bank!