Banks

[Nakoliss]

Bonjour everyone,

I need help with something and thought I would ask it here. I would like to know if you have recommendations for a Bank to open a company account for a real estate business.

According to you, which is the best Bank considering transaction costs and especially getting financing (Line of credit, credit card, etc).

Thank you,

Daniel.
Express Realty Solutions Inc.
450-471-0185

 

[PeterKinchMortgageTeam]

QUOTE (Nakoliss @ Mar 31 2008, 11:46 AM) Bonjour everyone,

I need help with something and thought I would ask it here. I would like to know if you have recommendations for a Bank to open a company account for a real estate business.

According to you, which is the best Bank considering transaction costs and especially getting financing (Line of credit, credit card, etc).

Thank you,

Daniel.
Express Realty Solutions Inc.
450-471-0185

In all likelyhood, if your planning on building a large portfolio - you`ll be getting your financing from many different banks so I wouldn`t let that affect your decision.
You will want to choose

If you plan on eventually involving JV`s, having multiple accounts, having rents direclty deposited by tenants you`ll want to make sure that you are dealing with a bank, not a credit union and with a representative that has some knowlege of real estate investing (it really will make things that much easier......)

 

[Nakoliss]

Great, merci beaucoup Mister Kinch!

If you were in my shoes, which one would you choose first? Basically, I have a partner with average to a bit lower than average credit, my wife with good credit and myself with good credit. One of the issues we are facing is that I don`t have a 2nd job (I`m a Stay at home dads and it doesn`t pay well ).

So, Real Estate will be my main income. My two partners have a normal job.

Merci beaucoup for any help you can give me.

Daniel.

 

[PeterKinchMortgageTeam]

QUOTE (Nakoliss @ Apr 1 2008, 06:55 AM) Great, merci beaucoup Mister Kinch!

If you were in my shoes, which one would you choose first? Basically, I have a partner with average to a bit lower than average credit, my wife with good credit and myself with good credit. One of the issues we are facing is that I don`t have a 2nd job (I`m a Stay at home dads and it doesn`t pay well ).

So, Real Estate will be my main income. My two partners have a normal job.

Merci beaucoup for any help you can give me.

Daniel.

Service fees are pretty standard for the most part so choose one that has a branch close to both of you. Also, if you do plan on building a large portfolio at some point you`ll probably involve a broker and brokers do not have access to all FI`s - RBC or BMO might be a good choice as brokers don`t work with them and it will give you an opportunity to get some financing from them. FYI - if you choose BMO apply for your first couple investment mortgages with them (they typically don`t lend to investors with more than 3 or 4 properties)

Hope that helps,

 

[RCC]

The banks may quote you certain fees when you open your accounts or heloc butbe aware that they can also change this.
Royal Bank just sent out notices to customers eliminating certain types of accounts and replacing them with new accounts with different fee structures.
I have aheloc for several years and they have notified me that my agreement is amended to include an admin. fee when the heloc is discharged.