11 Nov CREPN #66 – Why Work with Local Bank? with Jeff Sumpter
What is the difference between a local bank and a national bank? Who better to ask than a local bank co-president, Jeff Sumpter of Lewis and Clark Bank. [x_audio_embed][/x_audio_embed] Jeff Sumpter and Trey Maust are founders and co-presidents Lewis and Clark Bank in Oregon. Jeff was listed as a member of the 40 under 40 by Portland Business Journal in 2009 and mentioned in Simon Sinek’s best seller, “Start with Why”. If you invest in smaller properties with less than four units, you most likely deal with residential lending. Have you borrowed money from a bank for a smaller property recently? In the name of consumer protection, Dodd-Frank Wall Street Reform and Consumer Protection Act, has made the borrowing process an unrecognizable blur of online electronic signatures compared to pre 2008. Commercial lending is different. For any serious investor, having a relationship with a commercial bank is imperative for driving your real estate investment strategy.