Business Line of Credit: Who Should I Talk To?

[Mark Dixon]

I am in the process of establishing my LLC and I am interested in setting up a business line of credit for the corporation. I wanted to ask if anyone here could recommend a bank or financial institution where I could get the best deal?

Thanks in advance!

[Aly W.]

Originally posted by Terri Pour-Rastegar:

I just don't agree that bank financing should be avoided at all costs. Without the equity lines obtained on our first few properties, we wouldn't be able to buy anything today. Our equity lines are set right at prime (one is LESS than prime) and based on a 20-year amortization. They cost us absolutely nothing to obtain (At the time, Wachovia seemed to be giving them away). They are secured by the property they're tied to, of course, but who cares? These are long-term rentals.

Work VERY hard to establish a great relationship with a local bank. Make it known that your goal is to earn their respect and obtain financing. Be loyal to them--do all your banking there, go into the bank in person whenever humanly possible so they get to know you personally, etc. Eventually, they will open their hand to you.

Absolutely Terry, it was great to read this, as I do the same. I bank with TD Bank, love them, and know most of the local officers by name. I've given them boxes of chocolate as Thank You gifts and they are always very helpful and pleasant, and go above and beyond.

I also have long term rentals, the HELOCs were $99 for the application fee. The last one was for 3.75%.