Any good banks out there?
 

I'm trying to get a mortgage on a recently completed small commercial building in Northern California. My business partner and I financed the construction, and now we'd like to reimburse ourselves. We only need about 1/3 of the building value, and our business is booming. It's not a large amount. But we're having a hell of a time getting a loan. The banks will think of any excuse to say no. Very frustrating.

No need for further details. I just want to know if there is a bank out there that is actually reasonable. Any recommendations?

I am trying to understand your situation. You financed it yourselves and business is booming. So there is the return on your investment. Are you trying to borrow at a lower interest rate? Is that it?

Another thought is you could get an inactive partner to mortgage the building and give him a percentage of the profits?

Cheers, Guy

We paid for it ourselves, but are now cash poor. We'd just like to refill the coffers. The point is, the banks we've talked to have been very unreasonable. If there is a more willing bank out there, one that actually loans money, I'd like to know.

The banks must have been stung enough with defaulted loans to businesses. They would probably want extra collateral to insure that they get paid back.

A friend of mine is developing property and he got a loan from a "scalper" at 10%/year. There is no free ride.

Sent you a PM with a guy you should call.

Willing to share?

El Dorado Savings

Welcome to the world of small business borrowing. Big banks and a lot of small ones just check off boxes on applications and don't really look at the situation. In 2009 I tried to get a mortgage on a property I wanted to buy from Firststar. They turned me down, saying they couldn't see how I made my money. (ie: "We're too lazy to look up from the application form) the same month the same bank gave one of my employees a mortgage. Both loans would have been repaid from the same source of revenue, but Firststar was too stupid to see that. The check boxes on their application form are set up for W2 income. If you check the right boxes you get a loan, checking the boxes is all that counts.
I've had the best luck with smaller regional banks.

I didn't want to post his name on a public forum. Feel free to PM me if you'd like his contact info. He's in northern CA.