Selecting the appropriate bank is one of several choices you may make when starting a business. The ideal banking option for your business may not necessarily be the same as the one you use for your personal money. For instance, the status of the distressed property prevents you from receiving traditional finance from a bank to buy investment property. Based on the services provided and the costs, you must select a bank that meets the banking requirements of your business. Here is a list of the top banks for the real estate industry if you’re willing to attempt an online bank.
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Top 5 Best Banks for Real Estate Investors
- Chase – Editor’s Choice
- Bank of America – Best for discounted funding
- US Bank– Best for short-term property investors
- Wells Fargo – Best bank for growing LLC
- Novo – Best online-only business banking
1. Chase
For real estate investors looking for a complete offering of commercial banking and merchant services, banking with Chase bank is suitable. Investors that value a large branch and ATM network, as well as online bill payment and access to real estate finance choices, may find it useful.
Pros:
- Free unlimited deposits
- No minimum requirements to open
- It offers online access
- Access to over 16,000 ATMs
- More than 4,700 brick-and-mortar locations
Cons:
- Variable monthly service fee
This is one of the best banks for small businesses to keep your business and personal finances in one bank. Chase bank makes opening small business bank accounts easy by allowing you to do it in person or online. Chase business banking offers unlimited online deposits and convenient access to over 4,700 branches. It also has higher customer satisfaction ratings. You can enjoy a same-day deposit and credit card withdrawal.
2. Bank of America
Real estate investors who can keep a joint balance of at least $20,000 should use this bank. In the retail banking satisfaction survey for its online presence, it received the top score among National Banks from JD Power.
Pros:
- Exclusive benefits through preferred rewards
- You get up to a $500 introductory bonus
- Up to $7500 free monthly cash deposits
- A variety of loan products
- $200 free monthly transactions
Cons:
- $100 minimum deposit to open an account
For real estate investors, Bank of America offers cost-effective checking accounts and alluring sign-up bonuses. It is ubiquitous and has several ATM facilities, just as other major national banks. With Bank of America’s “preferred rewards for business” program, you may receive cheaper interest rates on credit cards and loans for real estate investments. Additionally, you may use it to deposit checks, pay bills, and make transfers using an amazing mobile app. This woman could be ideal for you if you’re starting a real estate company. Benefits from the bank’s loyalty program can be used for real estate investing.
3. U.S Bank
Real estate professionals who desire reliable business banking and access to short-term investment property financing solutions might choose Us Bank.
Pros:
- Widespread branch and ATM access
- Mobile banking apps available
- Live phone support is available 24/7
Cons:
- It has monthly service fees on the higher end
- Doesn’t earn interest
For company owners and real estate investors, the US bank offers a 100% free silver business checking account. With several branch locations and ATMs around the nation, it offers full-service banking as well as commercial real estate lending. Loans for investment property are available from the bank with maturities as short as five years. Enjoy free access to mobile and online accounts, overdraft protection, point of sale functionality, and payment processing. You may receive business banking with the silver business checking account without paying the closing expenses and monthly service fees associated with the most business checking accounts.
4. Wells Fargo
Real estate investors can reduce their borrowing expenses with the aid of Wells Fargo. When you finance commercial real estate, there are no closing fees charged by the lender.
Pros:
- Mobile and online banking
- Multiple account options
- Over 8,000 branches
- Caters to all-size businesses
Cons:
- This bank is not fee-free
- Some larger accounts require a high minimum balance to avoid fees.
Despite negative press in recent years, Wells Fargo is remains a well-liked small business bank. You may also get an unsecured loan from them because it’s one of the greatest banks for SBA loans. There are several financing options available, you may have up to four checking accounts, and there are no fees as long as you keep a minimum balance of $500. The bank has multiple branches spread out over the nation, making it simple to withdraw money and acquire the necessary financial support. Doing business is simple because to the 13000 ATMs and over 8,000 branches.
5. Novo
This online bank makes it simple to manage online banking transactions and doesn’t charge any fees. Numerous of its products promote investing in commercial real estate.
Pros:
- ATM reimbursements
- FDIC insurance
- They are no recurring fees
Cons:
- It has no branch locations
- You can’t send wire transfers
The only online business checking account available is for company owners and real estate speculators. It is intended for entrepreneurs who feel at ease handling their finances online. The bank provides a number of products without a minimum balance requirement or a hidden monthly cost. The most crucial functions for owners of internet businesses are handled by its small business checking accounts. Your small business bank accounts may be integrated with other applications like Slack, and ACH deposits can be made to the account. The bank does not, however, have a physical location and does not provide in-person banking services.