Your best bet is to start a relationship with a bank that does commercial lending.
What I did was to move a large chunk of cash I received from the sale of a property to a bank that handles commercial loans. HOW you DO this it is very important.
The mistake MOST people make is they go to a commercial bank and ASK for money…WRONG…You might as well go in there as say “I don’t know what I’m doing”
Instead try this approach. Ever hear the saying “You only have ONE chance to make a first impression???” GOOD remember that.
Find out who handles commercial and business lending, DO NOT give your name to ANYONE. Get a contact name and number. Then have your wife/girlfriend (make sure she’s sharp) called Mr. Big and set an appointment. Have her explain that you are considering making a large deposit at their instituation and you want to discuss a long term relationship. This large deposit could come right after you close on the sale of your next flip, use THAT timing to YOUR advantage. Make sure you have some good questions for this guy when you go in. DO NOT act like he’s helping YOU. YOU are there to see if HIS bank has what it takes to do business with YOU. Tell him that in those words. It’s a physc. game, the banking business is VERY competitive. If he thinks he could lose you to a rival, his WIN instincts will kick in. Use it to your advantage.
Now, let’s remember a few things here. If you go in there with a credit score in the 500’s he’s gonna know you’re a stroker. If you don’t know common terminology your done. Having said that, if you go in and MAKE HIM win your business, that’s EXACTLY what he’ll try to do.
I did this years ago, I walked into this bank with a 6 figure check because MY previous bank instituted a “new policy” were they wouldn’t cash an out of state check, you had to deposit it first. This is trivial I know, but they had cashed these checks for years for me. I had well over $100,000 in their bank. One day a cashier says “sorry we won’t cash that” I explained that they had cashed about 200 of them over a multi year period. Another NO!! was what I got. OK then, Miss, can you tell me EXACTLY how much is in that account, to the penny? Sir, you have $XXX,XXX.XX in that account.
Great!! Make me out a cashiers check for that exact amount!!!
Well, managers were called, people asked if I had a problem? No, give me my money, NO PROBLEM. Took the check, walked ACROSS THE STREET, told the manager how I came to have 6 figures in his competitors bank and further explained that I wasn’t sure if HIS bank’s service was any better! That’s when the clouds parted. He sat there and went over EVERY advantage his bank could give me over my old bank. Things I never even knew. He set up a commercial lending account, checking, line of credit, everything. To this day he is STILL my go to at that bank. He’s moved way up since then, and so have I. If I hadn’t been so pissed off I would have NEVER gone in there with that attitude. But it worked all out!!!
DO NOT SELL YOURSELVES SHORT.