RCRE - Building Banking Relationships
Will Coleman and Mike Taravella discuss why it's important to build banking relationships.
- Bankers are not interested in short term relationships, they want to build long term relationships that span the course of at least 10-15 years.
- Banks want to pursue relationships in which a person or business will be making regular deposits into their bank accounts.
- Lending amounts are limited by the amount of money deposited into a bank's accounts. For every one dollar deposited into an account, a bank is able to lend out ten.
- Communicate to your banker how much money you plan on depositing into your accounts in order to build a better relationship.
- Discuss with your lender what kind of experience you have even if it is not real estate related. Having a highly technical job will communicate to your lender you are a competent and trustworthy borrower.
Expert Pro Tip: “Start building banking relationships early”
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