Philadelphia / Montgomery County Banks

[Rick Soulas]

Hi all, 

We recently purchased two investment properties in Abington, PA (Montgomery county) but live in Philadelphia and are also interested in investing in our nearby neighborhoods. We would like to set up an account with a bank / local credit union to manage the business expenses, rent, and such. We also plan to refinance these properties within the next year. Anyone have good recommendations on local banks or credit unions?

Thanks!

Rick

[Rich O'Neill]

@Rick Soulas I just did a few refinances with Philadelphia Federal Credit Union. Best terms on commercial mortgages I have seen yet and I have done a TON of calling on banks to try to find the best one. You should qualify for membership if you live in the city. 

I try to keep my operating accounts separate from the loan accounts. It is probably a little over paranoid but if the market were to collapse again I wouldn't want the bank that has the loans to be able freeze my operating accounts if they were to "call the loan" for some reason. It happened to some family of mine in '08 so I am a little scarred by that. 

I don't expect that any time soon, but it helps me sleep at night. 

Good luck!