Investor Friendly Local Banks in B'ham

[Jacob Glawson]

BP Family,

Hope all is well with you guys.  I'm hoping some of you can assist with recommendations on local B'ham banks you have had success with on financing for investment properties.  I've had reasonable success with Synovus (not so much a local bank) but they have been extremely slow and I would like to compare financing options.  Any suggestions on who I should contact?

[Josh Anderson]

So what you are looking for is a portfolio loan or a commercial loan. Where the bank holds the note in-house vs farming it out. You will need an LLC as they likely won't write to individuals.

We use Bryant Bank, which has good terms and fair rates if your credit is over a 650

Metro Bank does them

First Bank of Alabama does them, have just started working with them

Peoples Bank of Alabama does them, have used them in the past.

When shopping for a bank you want to stay as close to 3-4 branches as possible, once you get over 10 or so, they no longer want to play with the little guys or there red tape is too deep to be worth your while.