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Updated almost 4 years ago,

User Stats

6
Posts
2
Votes
Nandish Parmar
  • Rental Property Investor
  • Irving, TX
2
Votes |
6
Posts

NAICS Code for Private/Hard money lending

Nandish Parmar
  • Rental Property Investor
  • Irving, TX
Posted

Hello Experts, I am trying to open a bank account for my LLC, that is going to act as the Hard money lender for my wife, when she buys a property. When using the naics code 522292 (This U.S. industry comprises establishments primarily engaged in lending funds with real estate as collateral.) banks are refusing to open bank accounts.

What NAICS code do hard money/private money lenders use to open bank accounts?

Reason to open that LLC is this thread in case you have not seen earlier - https://www.biggerpockets.com/forums/48/topics/460294-how-to-cash-out-1-4-unit-property

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