Commercial/Biz Banks
Any ideas on commercial/Biz banks that offer Master card business cards. I want to open up a business bank account I have a EIN. Any commercial/Biz banks that will give me a line of credit for opening up a business account today, in this market that we are in. I am scared to go to the bank and ask for any money right now. Please advise.
most will issue credit based on joint analysis of personal and biz credit.
All that I have require a personal guarentee as well.
I just want to use my biz side of my credit not my personal. Because I have to much on personal side. My biz side LLC is about 2 yrs old. I want to build the credit up for my LLC.
many of these account report to experian and d&B, thus build LLC credit.
Assuming that cj is talking about a US Treasury Bond, it is very hard these days to use a securities instrument as collateral due to market volatility. I am involved with securities financing and most lenders are temperarily halting the financing of securities (ie...public bonds). They are, however, buying them.
My goal here what to gain the addition leverage that I would have w/ just a loan.
If I was to pay the 5M on the 6.8M I would have that money tied up. this way, I have 5M tied up but have the 6.8M in equity that I could play with.
have you tried private money lenders?
Do you mean Hard Money? If so-yes and most want me to flip and sell/ or have a way to refinance in six months.
I am in a similar situation. I have said enough with the banks and have decided that private money is definately the way to go.
I met a guy at my local REIA group that told me direct mail is the best way to find private lenders. So I did some research and the only thing I found on private money direct mail was a site called Private Money Postcards .
Has anyone used them?[ Edited by ypochris on Date 11/20/2008 ]
if you search public record you can find loans that were funded by private lenders. I did this in CA and came up w/ >1000 names of people that have lent money privately.
Hey there- I have only one with Countrywide. I do have a fulltime job plus two businesses. I can full doc. I always do.
the golden rule... those that have the gold, make the rules.
I would see if you can find people that would be satisfied w/ 10% and do private money loans.
FYI, discover business offered to consolidate my personal credit available, w/ the amount they offered to the business w/ 0% purchase and BT for 12mo.
Chase business frequently offers 0% for 6 mo or ~prime for life of transfer w/ a max BT fee of 199.
Just trying to see if anyone has heard or used this department of Wells Fargo before.
Thanks.
JS.
Based on recent research, I now hear that Wells Fargo Financial is a subprime lending arm of Wells fargo.
Do you believe they have been affected by the recent mess in the subprime market?
JS.
You are probably talking about The Private Bank part of WF. They typically require $1M in business relationship with WF. You can also try the "wealth management group" at Wachovia. The Well Fargo Family Wealth Group is for bigger net worth customers ($10M or so.)
Regarding Do you believe they have been affected by the recent mess in the subprime market? I think "yes"... for virtually all lenders. Take a look at their SEC filings and press releases.
Have you tried a commercial lender?