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.

Comments(15)

  • cjmazur17th October, 2008

    most will issue credit based on joint analysis of personal and biz credit.

    All that I have require a personal guarentee as well.

  • itlot17th October, 2008

    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.

  • cjmazur18th October, 2008

    many of these account report to experian and d&B, thus build LLC credit.

  • damionwebb0127th October, 2008

    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.

  • cjmazur28th October, 2008

    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.

  • cjmazur24th September, 2008

    have you tried private money lenders?

  • tess26th September, 2008

    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.

  • miller_man_dan3rd November, 2008

    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 ]

  • cjmazur3rd November, 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.

  • tess4th November, 2008

    Hey there- I have only one with Countrywide. I do have a fulltime job plus two businesses. I can full doc. I always do.

  • cjmazur31st October, 2008

    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.

  • cjmazur6th November, 2008

    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.

  • smithj24th November, 2008

    Just trying to see if anyone has heard or used this department of Wells Fargo before.

    Thanks.

    JS.

  • smithj213th November, 2008

    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.

  • ITBInvestor16th November, 2008

    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?

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