First Republic Bank

About First Republic Bank

From the First Republic website:

Founded in 1985, First Republic and its subsidiaries offer private banking, private business banking and private wealth management, including investment, trust and brokerage services. First Republic specializes in delivering exceptional, relationship-based service and offers a complete line of products, including residential, commercial and personal loans, deposit services, and wealth management. Services are offered through preferred banking or wealth management offices primarily in San Francisco, Palo Alto, Los Angeles, Santa Barbara, Newport Beach and San Diego, California; Portland, Oregon; Boston, Massachusetts; Palm Beach, Florida; Greenwich, Connecticut; New York, New York; and Jackson, Wyoming. First Republic is a constituent of the S&P 500 Index and KBW Nasdaq Bank Index.

Loan Programs

First Republic offers a variety of business financing options for the conforming small business owner. As a bank, First Republic is able to offer the most aggressive pricing and loan terms for the best small business borrowers. Although First Republic differentiates itself with its product offerings, its premier service and integration of technology into its loan application process puts First Republic at the head of the class.

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Small Business Loan Program

First Republic offers two primary products for small business owners to access working capital or smaller financing needs, a small business line of credit and a bank term loan.  

  • Financing is available from $25,000 to $500,000
  • Funds can be used for working capital, new business initiatives, to purchase equipment or supplies, have cash on-hand for seasonal demands, and for other qualifying uses
  • Variable interest rates are available starting at 3.5%, from Prime – 2% to Prime + 2%
  • Fixed interest rates up to 5 years are available on the business term loan product
  • You will receive a dedicated banker to work with your small business
  • Competitive interest rates with relationship pricing discounts
  • LTVs depend on market strength, property condition and guarantor financial strength
  • Variable rate loans, or loans fixed for 3, 5, 7 or 10 years
  • 10, 25 and 30 year amortizations

Specialty Business Lending

First Republic also specializes in providing financing to industries and business structures that other conforming and even non-conforming lenders shy away from. First Republic’s extensive experience and familiarity with the industries it serves, enables it to craft custom financing solutions for more complicated businesses.

  • Nonprofit Organizations
  • Law Firms
  • Medical and Dental
  • Financial Services Firms
  • Accounting Firms
  • Property Management Firms
  • Private Equity and Venture Capital Firms
  • Hedge Funds and Alternative Investments
  • Independent Schools
  • Wineries and Vineyards

Commercial Real Estate Loan Program

First Republic offers tailored commercial real estate financing to meet the needs of business owners and developers. The bank allows funds to be used for a variety of real estate related purposes including purchases, refinances, ground-up construction and renovations. First Republic will lend against many different commercial property types but also specializes in mixed-use and multifamily property lending.

The Loan Process

LendVer did go through the First Republic loan process and it was easy and user-friendly. The process began with filling out basic information about our loan request online. Next, we were contacted by a loan specialist who explained the financing options available to us, what to expect through the loan process, and the pricing discounts we would receive at different relationship tiers. The specialist also asked qualifying questions to make sure we would be a good fit for First Republic’s financing, and so our time wasn’t wasted going through the application process if we weren’t. Because First Republic is focused on customer service, its staff works hard at relationship building from the beginning and considerable rate concessions are offered for maintaining higher minimum balances. There was zero pressure applied from the loan specialist to proceed with a First Republic loan and affordable loan options were provided freely without any haggling.

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Pros

  • Low interest rates with considerable relationship pricing discounts available.
  • Easy online application process with minimal documentation required.
  • No pressure loan pre-qualification process, fantastic service and responsiveness.
  • Small businesses are able to access the benefits and resources of a large bank used to dealing with big businesses and high net-worth individuals.
  • You receive a dedicated service contact and team, no dealing with overseas call centers or 800 numbers with long wait times.
  • First Republic provides financing for specialized industries, non-profits and financing for developers.

Cons

  • First Republic is a bank, so it is focused on financing conforming borrowers with the best credit and strongest financial profiles.
  • You will have to open a First Republic bank account, maintain a minimum balance, and your loan payment will be debited monthly from that account.

Why First Republic is the Best

First Republic brings a level of customer service unavailable anywhere else today. No matter what growth stage your business is in, First Republic provides the same level of support and has a financing option to assist you. First Republic offers industry low rates and specialty financing for businesses often overlooked by other lenders. The online application process and no pressure pre-qualification First Republic offers makes working with it stress free.

Visit our Featured business loan providers Idea Financial and SmartBiz.

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