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Updated over 6 years ago,
Your favorite Bank for Lines of Credit
Hey BiggerPockets,
I'm looking for a really good bank for Commercial Lines of Credit:
-Longer term Line of Credit (10 years ARM, at least 20 Year Amortized)
-$250-500K range per property/line
-Rates mid 5% range
-Up to $1-1.5 million in total funds
- I need a bank that's good to operate across state lines. Specifically between CA and WI, and preferable more states in Midwest, South East.
Our situation:
We are looking to take 70% equity out of a several 4-10 unit apartment buildings that are free and clear, and use the money to continue growth by more purchases.
We have excellent credit 758+ (but did have a short sale in 2012, its been ~6 years since that mistake.).
We have ~100 units, so loan applications are tedious. I want to focus on solid recommended banks.
We live in CA, and the finance-able properties are in WI
We are checking out options now with Wells Fargo, Bank of the West, BMO Harris.
Do any of you have a similar situation, and absolutely loves their bank for ease of getting Lines of Credit, and wants to give a recommendation?
Cheers,
Nick