Anyone have experience with c&i loans to finance their business? I’m looking for any thoughts/feedback. I have found a front-end guy to finance the remodels we do, and I have some buildings with substantial equity-no mortgage and would like to have a situation with a bank or other party that would allow me to expand the loan amount as needed, not pulling a mortgage against each property in a real formal way, and collateralized by equity that we have.
remodeler
Replies
Remodeler,
Need to talk directly to bankers for this one. And each bank has its own policies. Tell them that you are interested in a line of credit using the paid for building as collateral. You will find some banks say no, some say maybe and then some say yes! No consistancy. And bankers in general know little about how to make money, they just understand all the historical facts about how to lose it and usually will apply those principals to your situation. Trick is to find the right one. DanT
What Dan said plus: Think rural. My experience is that the smaller bank in the rural area is usually easier to deal with.
Something is what it does.