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Updated over 6 years ago,

User Stats

5
Posts
1
Votes
Nick Matteson
  • San Francisco, CA
1
Votes |
5
Posts

Your favorite Bank for Lines of Credit

Nick Matteson
  • San Francisco, CA
Posted

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

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