Are you taking advantage of local banks?

 Local banks are an under utilized resource in real estate investing

I had a conversation with my local banker the other day about how Boston real estate investors and real estate investors in and around Boston can use their local banks to help their business grow.

Her immediate response was regarding lines of credit.  Real estate investors can use a line of credit in a variety of ways.  They can use it for marketing purposes, such as online lead generation, yellow letter campaigns, bandit signs and more.  They can also use the line of credit as a deposit on a deal they are putting under contract or as the bridge money or “skin in the game” that private lenders require to fund a rehab project.  Imagine being on an auction site and you find a great deal and your able to use the line of credit to bid on the property. 

Her real focus in our conversation was that they are looking to build long term business relationships with local business owners.  Though they offer online banking options for their customers, they prefer working with customers face to face to establish that long term business relationship.  Imagine that!  In an age where some banking institutions charge you more money if you actually come into the bank and encourage online banking, there are still banks out there who want to see your face, get to know you and your business goals and figure out a way to help you.

I asked if they would fund a rehab project.  She stated they are willing, but, it’s a rare conversation and they are much more willing when they have an established relationship with the customer. 

Are you building a relationship with your local bank?  Would you like me to make a connection with my local banker, who is connected other branches all across the state?  If you want me to make a connection, complete the form below, add your number in the comments section and I will make a connection ASAP. 

 
Happy investing everyone and I look forward to seeing you at our upcoming rehab tour and monthly meeting!
 

Bernadette Trafton, Boston AREIA Chief Connector

 

 

 

 

 

 

Bernadette Trafton, Boston AREIA Chief Connector

 

 

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