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VicGal

Going Solo...Best Bank for Business Line of Credit?

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Hi there, was wondering if anyone has any leads on best banks to approach regarding a business line of credit for a sole practitioner.

 

I had a meeting with Scotia this morning...they do the typical prime + business LOC...but nothing specifically tailored to a sole practitioner lawyer. Their business LOC isn't bad...but its based on current income and assets / liabilities. Not sure if any banks out there offer more favourable terms to lawyers (similar to how we could have gotten favourable terms on professional student LOCs in law school due to being in a "professional" program).

 

Thanks!

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don't know about LOC, but the general problem with Scotia is that they close too early. TD is better I think? (assuming you plan to use the same bank for your accounts as well as LOC)

Edited by law4sho

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don't know about LOC, but the general problem with Scotia is that they close too early. TD is better I think? (assuming you plan to use the same bank for your accounts as well as LOC)

 

Probably the worst advice when recommending which bank to go with respect to who to use for a LOC.

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Probably the worst advice when recommending which bank to go with respect to who to use for a LOC.

 

lol, what did they do?

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lol, what did they do?

 

I think RBK is commenting on how completely unimportant banking hours are for a business loan compared to things like interest rate, money available, repayment structure, etc. 

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I think RBK is commenting on how completely unimportant banking hours are for a business loan compared to things like interest rate, money available, repayment structure, etc. 

 

wasn't what I was recommending.

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wasn't what I was recommending.

Well the only thing you mentioned in your post was banking hours, so you'll forgive everyone who read it as advice due to banking hours.

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Well the only thing you mentioned in your post was banking hours, so you'll forgive everyone who read it as advice due to banking hours.

 

Ok, here's my thoughts: (OP didn't say what area he/she is gonna practice in, if it doesn't include real estate then please disregard):

 

1) most real estate deals potentially could close as late as 5pm

2) scotia closes around 4pm... (TD closes around 6pm)

3) if your deal didn't close because the bank closed too early, you are gonna have millions of the client's money sitting in your trust account and god knows what the clients are gonna do with you - potentially: say goodbye to slightly better LOC rates, say hello to LawPro. (worth risk for slightly better LOC terms?)

4) if scotia has better LOC terms than TD, you could potentially open two accounts (actually, potentially three or four) - one at Scotia just to get the better LOC and two at TD for your general/trust, but everytime you take money out of your LOC presumbly you will have to transfer the money to your other bank... worth the hassle? depends on the OP.

 

now if you tell me Scotia has LOC terms A LOT better than TD (which I don't expect) then maybe that's something you should consider.

 

Again, disregard if no real estate.

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