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Posted by Soj on February 14, 2005 at 09:54:54:

Hello,

I am moving to my REI market and will need to set-up new personal and business bank accounts.

I was wondering if a REI friendly bank would be advantageous in the long run...

The local small bank as opposed the big National Banks i.e Bank of Amer, Chase, etc...


Please advise.

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Posted by Rick in Erie on February 14, 2005 at 10:50:09:

What area are you moving into? I work for a bank with lending capability and/or branches in PA, NY, OH, DE, NJ, KY, and Indiana. I am also an investor myself. (working at the bank until I have enough RE for early retirement...hopefully very early retirement! We have business accounts with no charges, that can pay decent interest on money on deposit, and will lend up to 80% ltv on investment and NOO properties. this can be done with a fixed rate HEIL up to 15 years, (currently best rate of 5.99% fixed for 15 years) or HELOC's that can be up to prime -1/2 percent. (currently 4.74%... but going up to 5% at the end of this month due to the increase in prime) Closing costs are $166.50 for the HEIL and $67.50 for the HELOC's. That is it start to finish. We can't do 1st mortgages, so these must be done on a property aready owned. (Pay cash then re-fi cash out to get the cash back with this loan, or use funds from a property already owned to get one bought... many creative ways to do this) E-mail me for more info. If you aren't in one of my area's, look for a comparable deal in your area. I'm sure is can be found. Good luck. Rick H