Which Providence Rhode Island Banks Are Great For Investors

[Philip Ganz]

Hello BP,

What Banks is Providence allow you to close in an LLC? Who is easy to work with? Who is fast? Most flexible?

Thank you,

Phil

[Anthony Thompson]

@Philip Ganz There are many banks that will allow you to close in an LLC, but generally you would be looking at a commercial loan rather than a 30 year fixed residential loan that you may be thinking or asking about.

Usually a commercial loan is going to have a shorter term like 20 (or 25 years if you are lucky), and will usually adjust every five years or so. And you can expect that all the members of the LLC are going to have to sign personally anyway.

All that being said, I have worked with and had good experiences getting commercial (LLC) mortgagees with Navigant, Pawtucket Credit Union, Washington Trust and Coastway (which is now called HarborOne).

(I don’t know if this is generally true or just my experience, but in my mind it is as much about the particular loan officer as the bank in general as far as speed, level of attentiveness, etc.)