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Updated over 2 years ago,

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22
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22
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I called the bank to get a mortgage, it was an odd experience

Posted

Hello,

I have a company, an LLC, that has owned a property for 5 years, which has been cashflowing for 5 years, and appreciated in value a lot during that time. I was using Bank of America as my bank, so they can see the money coming into the account and piling up. I call them to get a mortgage on that property to use the money to buy another. Their answer was "We don't offer loans to companies unless their revenue is 100k/year or more". I don't think we are talking about the same things at all. That sounds like unsecured loans. It's like they didn't know mortgages exist.

They told me to go talk with personal banking (not an option to me because I'm not a US person, I don't have a SSN or credit history).

Is this correct, banks just don't offer mortgages to commercial entities to the point where their workers don't even have them in their radar? I feel like this can't be the case, but it's not my first time attempting this, and I feel like I'm doing something wrong.

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