Best Bank for Contracting

[indes]

Hey I'm a journeyman pipefitter that's contracting and I'm currently with BMO (had the company for 2 years now) and I've heard that their not the best bank to deal with for guys in my situation. This is doing with being self employed and getting loans for the business and buying a house and stuff like that.

They basically just tell me to get bent because I'm self employed even though I make more than enough for what I'm asking for

Anyone with any experience or advice it would be appreciated.

Thanks

[Sr. Mints]

I think banks are a lot like cellphone companies: they all suck, and it's a matter of finding the one that sucks the least for your needs.

[JimmytheT]

are you talking about personal banking services or small business needs?

[Jbo]

Need a bit more information.

Are you looking for a bank with low fees? One that will provide a loan or working capital (operating loan). What Kind of tangible security do you have available to secure a loan?

Is the company going to buy the house? Or will you do it personally? How much of a down payment do you have?

Do you have two years of accountant prepared financials (Notice to Reader) and are your taxes up to date.

Finally, do you draw a salary or claim management fees or dividends to pay yourself?

[indes]

Yes I'm looking for operating loans and have two years of accountant prepared taxes, bmo won't even look at me until I have 3 which is another year for me.

I would like to buy the house with my company if that's possible, around a 50k down payment

I pay myself in dividends, sounds like your really on top of this stuff are you an accountant?

[Deegee]

indes, what is the purchase price of the house?

If it is not a conventional mortgage (20% minimum down), you will experience lots of difficulties.

Might I suggest trying a Credit Union? They should be able to look at you with two years taxes and interim results for the company. I know we would (I work for a Credit Union) and do company purchased residences all the time, but unfortunately we're not keen on financing out of province and I note your location states Castlegar.

Also, I know the charter banks count deposits against your transactions for company accounts whereas many Credit Unions do not, so you should shop around. That should save you fees for your company banking needs.

[Ace]

ATB, First Calgary, or Servus is where I'd look. These guys tend to work with 'the little guy'.

[indes]

It will be a conventional mortgage and thanks for the advice ill definitely check out the credit union

[Bindair Dundat]

Self employed /Contractor for 25 years. Was with RBC for a long time, but have now been with Servus since 2006. They are "easier" to work with than those that have to call down to Bloor St. before they'll give you an answer. They seem to understand the ebb and flow of supplied and installed contracting and as long as your numbers stay in the black (big picture) they have been most accommodating WRT "bridge" financing...but I've also been with them for 7 years and now have an established "track record".
Credibility is key with these folk.
Talk the talk...but you've also got to "walk the walk".
Good luck!