How to Get a Construction Loan (US)

With today's technology, you now have the ability to obtain a construction loan from the best banks in the country and sign your loan documents at your local title company or escrow office. But not all construction loans are created equal. Just like any product, there are the best loans, good loans and downright bad loans. Here's how to make sure you get the best deal.

1

Know your options. Today's construction loan choices include the 30 year fixed, 15 year fixed, 1 year ARM, 3/1 ARM, 5/1 ARM, 7/1 ARM, 10/1 ARM and the popular interest-only loans. You can get a short term 1 year loan that you have to refinance into a new conventional mortgage loan once the construction is completed. This two time process costs you two sets of closing costs and you have to re-qualify for the new loan once the home is completed, but you also have more flexibility when shopping for conventional mortgage loans than when you're dealing solely with construction lenders. A popular construction loan today is the "one time close", also known as the "all-in-one," "rollover" or "construction-to-permanent" loan. You have one set of fees and one closing.

2

Get pre-qualified for a loan. This will help to determine if the requested loan amount is within your budget. It will also allow you to find out what the monthly land or mortgage payment is going to be, and to make sure you qualify before you run out and buy land.

• Realize that most loan products typically go hand in hand with banking guidelines. These guidelines are provided to loan officers to coincide with the customer's qualifications. For example, if you have a very high (FICO) credit score with land free and clear, you have more loan options than the person with a very low (FICO) score and no land equity.
• Construction loans are most often "story loans". In other words, the lender needs to know what exactly you want to accomplish, why you want to do it, and how you intend to accomplish it (e.g. what is your 'story'), before they can recommend a program and approve your loan. For instance, if you intend to live in the home after the project is complete (owner-occupied), your options, rates, and even potential lenders may be very different than the same loan to an 'investor' who intends to immediately resell the property.
• 3
  Factor interest reserve and contingency funds into the cost of building your new home. Interest reserves are added to your loan amount to make the monthly payment on your loan. Yes, you read that correctly, you will not have to make a monthly construction loan payment while your home is being built. The payments are made from this interest reserve account and no, it’s not free. This reserve is added to your construction loan amount. Interest reserves were designed for the benefit of the customer. Most people building a new home are either paying rent or have an existing mortgage payment while their home is being built. The last thing a customer needs is another monthly payment while building. So, banks created the interest reserve account by adding up the estimated interest payments over a 12 month period and add this to the loan amount. If you do not want interest reserves added to your construction loan amount, you can ask to make your own monthly construction loan payment. Contingency funds are added to the loan amount just in case you need more money to build your new home. With all good intentions, construction loans tend to have cost overruns. The bank adds 5% to 10% of the cost breakdown and adds this amount to the loan amount just in case you have cost over runs or need better appliances. If you don’t need or use this extra contingency fund then it will not be added to your mortgage upon completion of your new home.
• 4
  Shop around. Most banks offer loans, but not choices. One way to get different choices is to go shopping to every bank in town. Call your local banks and ask for the construction loan department or a construction loan officer. Most of the time, you won't get anywhere. If you do find a bank that will do a construction loan, they usually can only offer one product that may or may not be competitive in today's marketplace. An alternative is to call an experienced construction loan broker who has done all of the homework for you and has direct access to hundreds of banks nationwide. A broker is a representative for hundreds of banks. Although the broker serves as middle-man, his or her services will not cost you anything extra. That's because brokers get loans at wholesale rates, and pass them along to their clients at retail prices, just like any other business. In fact, because or their volume, many brokers are able to offer their clients better deals than you can get by talking to the banks on your own.
• 5
  Make sure the construction lender is experienced. Local banks, if they do construction loans, might be able to offer you a great rate. National Lenders are more likely to have construction programs, but the drawback is that they do not necessarily have their fingers on the pulse of the local Real estate market. But your first consideration should be construction lending experience. Even more than a mortgage loan, a construction loan is complicated. Avoid using any entity that provides you with a loan officer who doesn't have significant experience providing construction loans to consumers. Although some loan officers are salaried employees, most loan officers are salespeople who usually have one main goal in mind when helping you with your loan request, and that is the commission (also known as loan fee, points, or yield spread premium). The following questions allow you to quickly find out if your loan officer is experienced at construction loans and is not simply after your money. If the loan officer (sales person) can answer these questions with no problem then they have passed a pretty good litmus test:
  
  
  • How long have you been doing construction loans?
  • What is the loan to cost (LTC) required for construction loans? This is cash equity such as down payment on land. This can range from 5 to 20%.
  • What is better? The voucher or draw disbursement system and why? Draw is now the most popular because the customer has the control of the money. Many banks do not even offer a voucher system.
  • Does the bank require a contingency and an interest reserve account? This is a choice, assuming you qualify for additional funds. Some banks automatically add both to the loan amount.
• 6
  Submit your loan application. The first thing your loan officer wants to see is your completed loan application. The loan application called the (1003) will tell a story of your financial picture. The loan officer will analyze this and other documents (including your credit report) to determine whether you qualify. This analysis yields a ratio called the income to debt ratio, and depending on the bank's underwriting guidelines, this ratio will usually range from 36% to 45%. The income to debt ratio is the percentage of monthly debt payments (including your new mortgage payment, taxes and insurance). This ratio should not exceed 36% to 45% of your monthly income. Some banks will allow you to exceed this ratio if you have an excellent credit history and excellent credit score. The completed loan application will tell the loan officer many things including:
  
  
  • What type of loan you want
  • How much money you need
  • Where you currently live
  • If you rent or own
  • Your social security number
  • Your current employers
  • A list of all your assets (money) and liabilities (bills)
  • How much money you make
    
    
    • Stated income allows you to qualify without verifying your income on your tax returns, W-2s or pay stubs. The only thing the bank verifies when applying for a stated income loan is your credit score, bank statements and that you're employed.
  • How much real estate you own
  • Some declarations along with some government questions
• 7
  Decide if you are going to lock in your interest rate until completion of your house, or let them float in the hopes that rates will go down. If the rates are heading upward, lock. If the rates are stable, relax. If the rates are headed downward, float. Always ask. Is the construction loan rate locked upfront or floating during the construction loan period? Then ask, is the rate during the construction loan the same rate when the loan converts into the mortgage period. A typical construction loan nowadays is a construction to permanent loan that may or may not allow you to lock-in today's low interest rates until the home is completed. If you choose a loan that does not allow you to lock in upfront, the interest rate may end up higher along with your monthly payment. This is usually not what you want, so be careful. Some things to watch out for:
  
  
  • Some lenders have a higher interest rate if you lock in upfront.
  • Some lenders try and sell you on a higher rate or adjustable rate during construction with the hope of a float down rate after the home is built.
  • Some lenders have a non competitive long term lock along with a fee.
  • Some lenders have such bad service no matter what rate or program they have, it's not worth doing business with them.
• 8
  Enter into a written contract with a builder/contractor. Construction loans are a little more paperwork intensive than purchase money loans. Every construction loans has a part known as the builder’s package. A builder’s package includes items such as a builder’s statement or resume which includes things like previous experience references and credit and banking references, a line item cost breakdown, a materials list and, last but not least, a construction contract. A line item cost breakdown is an integral part of a construction contract and such it should be referred to at all times. It is common for a homeowner to change some specification or other and it is highly recommended that a firm change order be written in these cases. A construction contract is a written agreement between the borrower and the builder for services to be provided by the builder for a stated consideration. A properly written and customary contract contains:
  
  
  • A clear statement outlining the responsibilities each party will perform.
  • The date of the contract, the scheduled dates for commencement and completion of construction of the project . An event date, rather than the actual date, is sometimes acceptable.
  • The amount of payment the builder is to receive for each stage of construction, as well as under what conditions it will be received, such as passing inspection etc. If the property is located in a state that charges sales tax, the contract must specify whether the amount includes state sales tax.
  • Proper reference to a completed and signed Line item cost breakdown and list of materials.
  • A payment method that is compatible with the line item cost breakdown and the disbursement procedures of the investor.
  • Provisions for possible changes to plans or specifications by appropriate change orders. Since most construction loans have a contingency provision a cost over run may be paid for using that provision.
  • Full identification of all parties and definition of all names used in the contract (contractor, owner, subcontractors and architect).
  • Architect's responsibility, if any.
  • Signatures of the borrower and contractor.
• 9
  Get construction insurance. There are three types of insurance needed to build. All banks require the first two insurances, course of construction and general liability. Workman's compensation is only required if your builder has employees. If your builder tells you he is not required to provide any insurance whatsoever, he is most likely correct because it is not a law to have insurance to build a house. This requirement is set forth by the bank. So make sure you hire a reputable builder with insurance, it will help your construction loan close much faster.
  
  
  • Course of Construction Insurance. This policy is an all risk policy to include, fire, extended coverage, builder's risk, replacement cost, vandalism and malicious mischief insurance coverage.
  • General Liability Insurance. You or your builder can provide this policy. This policy is a comprehensive general policy or a broad form liability endorsement. The minimum amount of $300,000 for each occurrence is required. If the builder provides the insurance a general policy of $1,000,000 or a broad form liability endorsement is required. Ask your builder upfront if they have general liability insurance. If they do not ask if they have a problem providing the insurance. Some builders cannot afford or simply do not want to pay for the insurance and then guess who has to provide it, yes, you do. You can save yourself a lot of headaches and money if you work with a builder that has insurance.
  • Workman's Compensation Insurance. If your builder owns his own company and has employees that are helping to build your home, workman's compensation is required. If the builder simply subcontracts out the work and does not have employees per se, they will need to write a letter acknowledging that they do not have employees and are not required to have WCI.
• 10
  Ask your loan officer to provide you a copy of the estimated construction loan budget. This budget is not usually meant for the customer but an experienced construction loan officer should not have a problem providing this to you. The budget is created from your costs and includes every cost within the loan including land balances, closing costs, interest reserves, contingency and bank fees.
• 11
  Make sure your loan officer has structured your construction loan properly. Structuring construction loans for approval is vitally important and is the last thing on most customers’ minds. Common mis-structured loan scenarios include:
  
  
  • Missed deductions
  • Low cash equity
  • Improperly completed appraisal
  • Unexplained credit derogatory
  • Income incorrectly calculated
  • Mismatch of customer loan request to the correct lender
  • Plain and simple incompetence

Tips for Keeping your Credit Safe

With more than 15 million people in the United States becoming victims of identity theft annually, it is critical to take measures that would protect your credit.  When you consider that your credit report is what determines your creditworthiness for getting loans and/or credit cards, being able to buy insurance or having affordable premiums, being hired by many companies, renting a home or apartment, and more, it is clear that you need to do everything possible to protect it.  Unfortunately, most people whose identity was stolen realized the importance of this after the fact.

The first step to keep your credit safe is to know the signs of identity theft.  If your bills suddenly stop coming to the house or you receive some type of notice from the post office of an address change for one of your bills, you need to investigate why.  In addition, if actual credit cards start coming to the house that you never applied for, beware.  Now, people get credit card offers or application offers all the time but in this case, it would be an actual card ready to activate and use.  Of course, if collection agencies begin calling wanting to talk about an account you never opened, you know you are in serious trouble.

f any of the above happened, immediate action would be needed.  However, before things getting to the point of actually becoming a victim of identity theft, consider some of the ways mentioned below that you can do so identity theft does not damage your credit and turn your life upside down. •    Under the Fair Credit Reporting Act, you are entitled to a free credit report from TransUnion, Equifax, and Experian every 12 months or a 3-in-1 report from one of the agencies that would provide information in report form for all three.  With this, any errors, omissions, or suspicious activity could be identified and the proper steps taken.

•    Make sure all your bank, credit card, computer, and phone accounts are password protected.  Additionally, when choosing passwords never use what criminals expect.  In other words, avoid maiden names, pet’s names, children’s names, digits of your social security number, phone number, birthdates, etc.  Instead, choose a password that is a combination of letters and numbers, and something unique that only you would know.  Once the passwords have been set, never tell anyone.

•    Review the way you keep personal and financial information secure within the home.  Although most identity thieves do not get involved with home invasion, your information could be stolen in other ways.  For instance, if you have roommates or roommates with friends that come in and out of the house, someone who comes into the home to clean or babysit, or even a handyman working on projects around the home, you could possibly be exposing key information that would make you a victim.

•    You even have the right and responsibility to ask your employer about protection for your information.  Although your boss may not be able to go into detail, you should be provided with reassurance that your information is safe so identity theft that could damage your credit report is avoided.

•    If you receive a phone call from someone claiming to be from your bank, credit union, credit card company, loan company, mortgage company, etc, never give out information – period unless they were returning a phone call you initiated.  The same is true for received emails, unless you sent out a request any unsolicited emails should be avoided like the plague.  In fact, you should take this one-step further by reporting it to the actual company of which the criminal is pretending to be associated.

•    Never throw out mail, even if it seems like something innocent.  One of the primary ways that thieves get information is by sifting through people’s trash.  Therefore, always shred old mail before putting in the trash.  Remember, an envelope that has the name of a creditor and your name is often the only thing a criminal would need to steal your identity and ruin your credit report.

•    Invest in a small home safe where you should keep credit cards not used often, loan papers, car titles, social security card, etc.

•    Finally, make sure your computer has the latest and most innovative security software installed, especially if you spend a good deal of time online for any reason.

Why Do Banks Hate The Payday Loan Companies So Much?

Payday loan companies are thought of as the bottom feeders of the banking industry. Many people believe that these companies just take advantage of low income families and hurt them more than they help them. The rates of payday loan companies seem high, because they are giving a very short term loan, which is small and usually not very risky for the company.

However, if you were to seek out a loan from a payday company in your local area, you will see that they have to make enough money to pay their own bills. These companies have to pay their employees, rent or mortgage, and other fees to conduct business. All of these things add up, so they have to make enough money to stay in business. Also if you were to compare a payday loan company's rate to a credit card, you would see that they are similar and in some cases lower. The payday loan industry also has a hard time, because the banking industry hates them.

Banks hate the payday loan companies so much, because these companies are taking money out of the banks' pockets. Banks only care about their bottom line. They do not care about the people that they service. In fact banks will sometimes allow people to get themselves in too deep, because they know they can get more money out of them.

A bank will give away a free checking account, because they know there is a good chance someone will slip up and bounce a check. Then the bank will get to charge almost $30 for an overdraft fee. A payday loan will allow someone to get a small loan, from $150 - $500 usually, to help pay for an emergency expense. This really cuts down on the amount of overdraft fees that a bank will be able to collect on their customers.

Banks also hate payday loan companies so much, because banks can not get as many people to sign up for long term loans. Many times a person just needs a small loan to get them through a tough time, but they get suckered into a larger loan from a bank. Banks usually will not give a loan less than $1000; so many times people will have to get a larger loan than they would have if a smaller amount would have been available.

Banks also usually require some type of collateral, like a house or a car, to receive a loan. However payday loan companies will give these small loans as long as you have a bank account, steady employment, and they will only loan you 25% of the total amount of your paycheck, so it is harder to get in big debt with a payday loan company.

Home Foreclosure: Banks Are Not Happy About It Too

Most people think that banks are content with foreclosing homes. But in actuality, they would rather have your regular cash payment than to undergo the meticulous and laborious process of foreclosing your house. So if you are facing foreclosure, the best initial move you can take is to contact your bank and establish an agreement that would be beneficial for both parties.




Banks and mortgage lenders have numerous financial assistance programs that are designed to limit the possibility of foreclosing a real estate property.



Considering that you have been religiously paying your dues on time, there is no reason for your bank not to allow you to use their financial assistance programs and back-up plans that will save your mortgage payments from later default. An arrangement could be made to help you keep up with your bills without having to sacrifice your house to foreclosure. However, this can only happen if you have an open connection with your lender and if you demonstrate enough interest in saving your house. Thus, on the first sign of problem be sure to inform your lender right away and anticipate that changes should be made on your payment terms.



Go down to the details. Make it a point that your bank or mortgage lender knows the specifics as to why you weren't able to keep up with your mortgage payments. Reasons like severe sickness in the family, job loss or death in the family are excusable and could be considered as justifiable reasons. Also, some lenders have programs that are aimed at these specific problems.



There are other alternative options that you could use if you want to avoid foreclosure including forbearance, mortgage modification, mortgage or loan refinancing and reinstatement. All these require major modifications on the mode, terms and conditions of your mortgage payments.



There are also non-profit agencies that could support you and counseling agencies focused on loans and credits that could represent you to your creditors. These agencies are equipped with knowledge particular to issues underlying foreclosure. These groups should not, as a rule, ask for hefty payments that could add up to your existing financial problems. So be sure to check on their credibility through the Better Business Bureau to further insure you of what they are capable of doing.



Home foreclosure is not just your personal business. You and your bank, mortgage lender or creditor should be able to meet in the middle to resolve your current financial crisis.

Bank Basics: Understanding the Various Types of Banks

Banking has changed in many ways through the centuries. The oldest forms of banking were often simple loans issued to businesses to purchase their goods. Once the goods were sold, the lender collected the money for the loan with interest. Today's banks have diversified their services and products, with the goal of providing fast and efficient service. By putting a community's surplus funds to work through deposits and investments, banks are able to assist individuals in purchasing cars and homes, start businesses, send children to college, and countless other advantages.


These activities conducted by the bank are divided into retail banking, business banking, corporate banking, private banking, and investment banking. While most banks operate as profit-making, private enterprises, some are owned by the government and considered non-profits. These banks might supervise commercial banks, oversee monetary policy, and act as a lender of last resort.

The definition for the various bank activities are defined below:

Retail Banking - deals directly with individuals and small businesses.

Business Banking - services which are provided to mid-market businesses

Corporate Banking - services designed for large business entities

Private Banking - offer services to private individuals possessing sizable assets

Investment Banking - relates to services on the financial markets (such as stocks and bonds)

Retail Banks Defined

The term commercial bank distinguishes it from an investment bank. Following the Great Depression, the U.S. Congress ordered banks to engage only in banking activities. Investment banks were confined to capital market activities, such as the stock and bond markets. As this separation is no longer mandatory, "commercial bank" indicates what people normally refer to as a bank. It can also refer to a financial institution that deals mostly with deposits and loans from large corporations.

Locally operated, community banks are generally created to empower employees to make decisions that serve the best interests of their clients and partners. Meanwhile, community development banks or CDBs are those designed to serve residents in low- to moderate-income areas, as well as spur economic growth. The retail bank products are designed for customers who are considered "financially underserved." CDBs exist in cities around the country, from Chicago and New Orleans to New York City and Washington, D.C.

Postal savings banks were offered by post offices for those who did not have a safe and convenient method for saving money. The United States began this system in the early 1900s to encourage saving among the poor. It was abolished in 1966. In Japan, one of the nation's leading bankers is the post office, which holds trillions of yen belonging to overly-conservative citizens.

Managing the assets of high net worth individuals, private banks originally defined banks that were not incorporated and owned by an individual or a general partner with limited partners. In this case, creditors could look at the entirety of the bank's assets, as well as the assets of the proprietor/general partners. Private banks have a long tradition in Switzerland, however most have since been incorporated.

Located in a typically low-tax jurisdiction, or tax haven, offshore banks are located outside the country of residence of the depositor. Some depositors seek the services of these banks for their easy access to deposits, less restrictive legal regulation, and increased privacy for the depositor. It is believed that as much as half of the world's capital flows through offshore centers. Swiss banks hold approximately 35 percent of the world's private and institutional funds, while the Cayman Islands, in terms of deposits, represent the fifth largest global banking center.

Specializing in accepting savings deposits and making mortgage loans, the savings and loan association are often mutually held, meaning the depositors and borrowers are members with voting rights. These rights allow them to direct the goals of the organization. Many fondly recall the old savings and loan run by George Bailey in the 1946 film It's a Wonderful Life.

Investment Banks Defined

Investment banks are concerned with helping companies and governments raise funds by issuing and selling securities in the capital markets. They also provide corporations advice on mergers and acquisitions, the trading of derivatives, commodity and equity securities, and underwrite stock and bond issues.

While merchant banks were traditionally banks that engaged in trade financing, today the term refers to banks which offer capital to firms in the form of shares rather than loans. While venture capital firms are concerned with immature, high-potential growth companies, merchant banks tend not to invest in new companies.

Retail and investment banking combined creates universal banks, also known as financial services companies, who engage in everything from commercial and retail lending to offshore banking to customers in other countries through its subsidiaries. Some big banks are diversified and engage in multiple activities, including bancassurance, or the sale of insurance products in a bank.

Small Business Bank Loans In Canada Three Things You Need To Know

When looking for a small business bank loan in Canada many business owners and financial managers quickly realize they are treading on very specialized ground. Let's examine three things you need to know that will allow you to feel that bank financing in Canada is not insurmountable. The general sentiment among small, medium, and in some cases large corporations is that bank financing is both difficult and challenging in the Canadian marketplace. 

Let's examine three key points that will assist most business owners with overcoming obstacles to Canadian bank financing .They are as follows 

1.Are you looking for operating financing or term financing with your bank there is a difference!

2.Could a popular program subsidized and supported by the Canadian federal government be the solution to your working capital needs 

3.What are the minimum requirements to obtain specialized bank financing 

A line of credit or a bank term loan? Is there a difference. There definitely is! If you are looking to either purchase an asset or expand your business your focus should be on the preparation of sufficient data to support that financing request. We feel strong that to be considered for such financing you probably should have an established relationship with the bank already, either on a personal or a corporate basis. It would also help if you had already established some form of operating facility. A bank term loan to acquire an asset, or perhaps make an acquisition comes with a fixed repayment and term, typically five years. You should only consider a bank term loan if you feel you can demonstrate enough financial stability or growth potential. In many cases we recommend to clients that we also sit down with the banker and share some our long term plans and prospects in many cases discussion can be started around the future acquisition of assets of even a competitors business. 

In many cases your firm simply needs an operating facility. If you are an established business, have growth and profit potential, and a relatively clean balance sheet you are in a position to negotiate an operating facility for receivables. Typical facilities margin your receivables at 75% and inventory typically might come in at 40%. We encourage clients to carefully discuss what we will call 'bulge needs 'with your banker. This is in many cases where the client and bank relationship falls apart, because the business owner assumes that the bank will support increased temporary needs for the business. If you take your annual revenues and divide by 12 your monthly sales are XX $. However most business owners know sales growth comes in spurts based on incoming orders, contracts, and yes, even the seasonality of your business or industry. Preparing and supplying either a business plan or cash flow projections are invaluable tools to gain credibility wit your banker, and, by the way, you'll understand your business better.

Let's move on to point # 2. We tell clients the best bank loan in Canada is not really from the bank! What do we mean by that? The answer is a BIL. And of course our clients ask 'What's a BIL '! That is the technical name for a bank loan that is both financed and subsidized and guaranteed by the federal government. Many business owners simply refer to the program as the SMALL BUSINESS LOAN from the government. The banks in Canada administer this program and we feel by far it's the best solution for small and medium business in Canada when it comes to a bank loan. The key things you need to know are that the loan only covers two things equipment and leasehold improvements. Well actually its three things, as real estate can be included also. The real estate limit was recently in the past year bumped up to 500,000.00$ dollars, which is a great way to acquire your facility. 

Terms of this loan are as good as it gets a rate of 3% over prime, limited owner guarantees, and flexible terms and payback. We spend a lot of time with clients explain this program and ensuring they take advantage of if when they can. Most business owners are disappointed to hear that this facility does not cover cash loans, and that it is not an operating line of credit, but a term loan.

Bank term loans have been the means of assisting many companies to grow, as well as allow continued operations during a temporary but anticipated slump. As one of the most common types of loans on the market, banks often offer competitive rates for a bank term loan. Any business that is thinking about the possibility of taking out a bank term loan would do well to shop around for the best rate and conditions possible. 

Let's move on to our final point. By understanding the key requirements of bank financing you can significantly improve your chances of approval success. Work with a trusted, credible and experienced advisor in commercial bank financing origination. Being properly prepared with historical financials, a business plan, a cash flow forecast, and a bio of owner experience improves your chances ten fold of arranging bank financing in Canada. As a footnote, we have always strongly believed it's the banker, not the bank, so seek out with assistance a bank who has a strong interest in getting your business and growing with you on a long term basis.

United States' Largest Banks

The following list shows the largest banks in the U.S. The assets are listed in millions of dollars.

Rank	Name (city, state)	Consolidated assets
1.	Citigroup (New York, N.Y.)	$2,199,848
2.	Bank of America Corp. (Charlotte, N.C.)	1,743,478
3.	J. P. Morgan Chase & Company (Columbus, Ohio)	1,642,862
4.	Wachovia Corp. (Charlotte, N.C.)	808,575
5.	Taunus Corp. (New York, N.Y.)	750,323
6.	Wells Fargo & Company (San Fransisco, Calif.)	595,221
7.	HSBC North America Inc. (Prospect Heights, Ill.)	493,010
8.	U.S. Bancorp (Minneapolis, Minn.)	241,781
9.	Bank of the New York Mellon Corp. (New York, N.Y.)	205,151
10.	Suntrust, Inc. (Atlanta, Ga.)	178,986
11.	Citizens Financial Group, Inc. (Providence, R.I.)	161,759
12.	National City Bank (Cleveland, Ohio)	155,046
13.	State Street Corp. (Boston, MA)	154,478
14.	Capital One Financial Corp. (McLean, Va.)	150,608
15.	Regions Financial Corp. (Birmingham, Ala.)	144,251
16.	PNC Financial Services Group, Inc. (Pittsburg, Pa.)	140,026
17.	BB&T Corp. (Winston-Salem, N.C.)	$136,417
18.	TD Bank North, INC. (Portland, Maine)	118,171
19.	Fifth Third Bankcorp (Cincinatti, Ohio)	111,396
20.	Keycorp (Cleveland, Ohio)	101,596
21.	Northern Trust Corp. (Chicago, Ill.)	77,480
22.	Bancwest Corp. (Honolulu, Hawaii)	74,808
23.	Harris Financial Corp. (Wilmington, Del.)	69,172
24.	Comerica Incorporated (Dallas, Tex.)	67,167
25.	M&T Bank Corp. (Buffalo, N.Y.)	66,085
26.	Marshall & Ilsley Corp. (Milwaukee, Wis.)	63,432
27.	BBVA USA Bancshares, Inc. (The Woodlands, Tex.)	59,953
28.	Unionbancal Corporation (San Fransisco, Calif.)	57,933
29.	Huntington Bancshares, Inc. (Columbus, Ohio)	55,985
30.	Zions Bancorporation (Salt Lake City, Utah)	53,597

Foreign banks in Australia

Foreign Subsidiary Banks

• Arab Bank Australia Limited
• Bank of China (Australia) Limited
• Bank of Cyprus Australia Limited
• Citigroup Pty Limited
• HSBC Bank Australia Limited
• ING Bank (Australia) Limited
• Investec Bank (Australia) Limited
• Laiki Bank (Australia) Ltd
• Rabobank Australia Limited (a subsidiary of Rabobank Nederland from October 1994)

Branches of Foreign Banks

• ABN AMRO Bank N.V.
• Allied Irish Banks, Public Limited Company
• Bank of America, National Association
• Bank of China Limited
• Bank of Scotland plc
• Bank of Tokyo-Mitsubishi UFJ, Ltd
• Barclays Capital (the trading name of Barclays Bank PLC)
• BNP Paribas
• Citibank, N.A.
• Credit Suisse
• Deutsche Bank Aktiengessellschaft
• Fortis Bank SA/NV
• HSBC Bank plc
• Industrial and Commercial Bank of China Limited
• ING Bank N.V.
• JPMorgan Chase Bank, National Association
• Mega International Commercial Bank Co., Ltd.
• Mizuho Corporate Bank, Ltd.
• Oversea-Chinese Banking Corporation Limited
• Rabobank Nederland (the trading name of Cooperatieve Centrale Raiffeisen-Boerenleenbank B.A.)
• Royal Bank of Canada
• Société Générale
• Standard Chartered Bank
• State Bank of India
• State Street Bank and Trust Company
• Sumitomo Mitsui Banking Corporation
• The Hongkong and Shanghai Banking Corporation Limited
• The Northern Trust Company
• The Royal Bank of Scotland Plc
• The Toronto-Dominion Bank
• Taiwan Business Bank
• UBS AG
• United Overseas Bank Limited
• WestLB AG

Top four banking groups in Australia

The top four banking groups in Australia ranked by market capitalization at share close price 30 July 2009:

Rank	Company	Market capitalization (AU $)
1	Commonwealth Bank	$63.2b[3]
2	Westpac Banking Corporation	$62.8b[4]
3	National Australia Bank	$49.0b[5]
4	Australia and New Zealand Banking Group	$44.4b[6]

Banks in Australia

• Adelaide Bank
  Rating on Qualisteam:  
  Adelaide Bank Limited is a publicly listed company with its head office in South Australia, providing financial services through our distribution network and through national alliances.
  
  

• AMP Banking Australia
  Rating on Qualisteam:  
  AMP is a leading wealth management company. The company operates primarily in Australia and New Zealand and is a wealth manager, with more than A$84 billion in assets under management.
  
  

• ANZ Australia and New Zealand
  Rating on Qualisteam:  
  ANZ is one of the largest companies in Australia and New Zealand and a major international banking and financial services group, which is among the top 50 banks in the world. ANZ world headquarters is located in Melbourne, where it first opened an office as the Bank of Australasia in the 1830s.
  
  

• Bank of Queensland
  Rating on Qualisteam:  
  Bank of Queensland is a cornerstone Queensland organisation, the second largest Queensland-based financial institution and the state’s fifth-largest listed company.
  
  

• Bank One Australia
  Rating on Qualisteam:  
  On 1 July 2004, the Bank One Corporation merger with and into JPMorgan Chase & Co., with JPMorgan Chase & Co as the surviving entity.
  
  

• BankSA
  Rating on Qualisteam:  
  formerly Bank of South Australia. BankSA is the largest financial institution in South Australia and the State's main provider of housing, personal finance and rural banking services. The Bank also plays a key role in the community as a sponsor of major State events and through the BankSA & Staff Charitable Fund, makes donations to approximately 100 South Australian and Northern Territory-based charities each year.
  
  

• BankWest
  Rating on Qualisteam:  
  Formely Bank Of Western Australia Ltd.
  
  

• Bendigo Bank Limited
  Rating on Qualisteam:  
  'Our story' is actually 300 stories - those of the communities we serve. Each of them is different and each has its own needs and priorities.
  
  

• Citibank Australia
  Rating on Qualisteam:  
  Discover the flexibility, choice and convenience offered by our comprehensive range of self-service banking facilities.
  
  

• Commonwealth Bank of Australia
  Rating on Qualisteam:  
  The Commonwealth Bank is one of Australia's leading financial institutions with businesses in New Zealand, Asia and the United Kingdom. We are positioned for future growth, and aim to provide accessible banking and financial services for all Australians.
  
  

• Deutsche Bank (Australia)
  Rating on Qualisteam:  
  Deutsche Bank is one of the world's leading international financial service providers. With:
  - roughly EURO 972 billion in assets
  - approximately 63,700 employees
  - unparalleled financial services in 74 countries
  
  

• JP Morgan - Chase
  Rating on Qualisteam:  
  Known in Australia and throughout the Asia Pacific region as JPMorgan, the firm, with global assets of US$771 billion, is a leader in investment banking, asset management, private equity, consumer banking, private banking, e-finance, and custody and processing services.
  
  

• Macquarie Bank Limited
  Rating on Qualisteam:  
  Macquarie Bank operates in a range of investment banking, commercial banking and selected retail financial services markets both in Australia and overseas.
  
  

• National Australia Bank
  Rating on Qualisteam:  
  National Australia Bank is an international financial services group providing a comprehensive and integrated range of financial services across four continents and 15 countries.
  
  

• RBA - Reserve Bank of Australia
  Rating on Qualisteam:  
  The Reserve Bank of Australia (RBA) is Australia's central bank. Its main responsibility is monetary policy. Other key roles are to maintain financial system stability and enhance the safety and efficiency of the payments system.
  
  

• St. George Bank Limited
  Rating on Qualisteam:  
  St.George is Australia's fifth largest bank and one of the top 15 publicly listed companies in Australia, employing over 7,500 people.
  
  

• SunCorp Metway Bank
  Rating on Qualisteam:  
  The Suncorp Group is one of Australia's leaders in banking, insurance, investment and superannuation. The Group focuses on retail consumers and small to medium business.
  
  

• Westpac Banking Corporation
  Rating on Qualisteam:  

The Top Five Banks of Australia

The Top Five Banks of Australia based on Market Capitalization of these banks on September 16,2008 are:
1.Commonwealth Bank of Australia - $58.0B
2.Westpac Banking Corp - $43.0B
3.National Australia Bank Ltd - $38.0B
4.Australia and New Zealand Banking Group Ltd -$34.0B
5. St.George Bank* - N/A

Commonwealth Bank Aurstalia

Type	Public (ASX:CBA)
Industry	Finance and Insurance
Founded	1911 as a government bank 1991 as a public company
Headquarters	Sydney,Australia
Area served	Australia New Zealand Fiji Indonesia Vietnam UK USA China Hong Kong Singapore
Key people	Dr John Schubert, Chairman Sir Ralph Norris, CEO and Managing Director
Products	Banking, financial and related services
Revenue	▲ $28.564 billion AUD (2006)
Profit	▲ $4.723 billion AUD (2009)[1]
Total assets	▲ $780.299 billion AUD (2009)[1]
Employees	44,218 full-time equivalent (2009)[1]
Divisions	Retail Banking Services, Business and Private Banking, Institutional Banking and Markets, Wealth Management, International Financial Services.[1]
Subsidiaries	BankWest, ASB Bank, Colonial First State Investments Limited, Sovereign Limited, Commonwealth Securities and CommInsure
Website	www.commbank.com.au

Foreign Banks in Pakistan

* American Express Bank Limited
* ANZ Grindlays Bank p.l.c.
* ABN Amro Bank Ltd.
* Bank of America
* Bank of Tokyo
* Banque Indosuez
* Citi Bank
* Doha Bank
* Deutsche Bank
* Emirates Bank
* Faysal Islamic Bank
* Habib Bank AG
* Hongkong & Shanghai Banking Corp.
* International Finance Investment and
Commerce Bank Ltd.
* Mashreq Bank
* Rupali Bank
* Societe Generale Bank
* Standard Chartered Banks

Pakistani Banks List, Top Banks in Pakistan, Central bank, national bank, world bank, private bank

Ref by :  .friendsmania.net

* State Bank of Pakistan

[edit] Nationalized scheduled banks

* First Women Bank Limited
* National Bank of Pakistan

[edit] Specialized banks

* Industrial Development Bank
* Zarai Taraqiati Bank Limited[1]
* Punjab Provincial Cooperative Bank
* SME Bank

[edit] Private scheduled banks

* Habib Bank, Karachi
* Allied Bank of Pakistan, Karachi
* Arif Habib Limited, Karachi -
* Askari Bank, Rawalpindi
* Atlas Bank, Karachi (Corporate Website)
* Bank AL Habib, Karachi
* Bank Alfalah, Karachi
* Barclays Bank,Karachi
* Faysal Bank, Karachi [1]

* Habib Metropolitan Bank, Karachi
* JS Bank
* KASB Bank, Karachi
* MCB Bank Limited (formerly Muslim Commercial Bank), Islamabad
* Mybank Limited, Karachi
* NIB Bank, Karachi
* SAMBA Bank Limited, Karachi
* Silkbank Limited
* Soneri Bank
* United Bank Limited, Karachi
* Bank Of Punjab, Lahore
* The Bank of Tokyo Mitsubishi UFJ Limited, Karachi
* Citibank,Islamabad
* Standard chartered Bank Ltd,Karachi
* Royal Bank of Scotland Ltd,Karachi
* HSBC Ltd,Karachi
* Khushali Bank of Pakistan

[edit] Development financial institutions

* Pak China Investment Company Limited, Islamabad
* Pak Kuwait Investment Company Limited, Karachi
* Pak Libya Holding Company Limited, Karachi
* Pak Iran Joint Investment Company Limited, Karachi
* Pak-Oman Investment Company Limited, Karachi
* Saudi Pak Industrial and Agricultural Investment Company (Pvt) Limited, Islamabad
* House Building Finance Corporation, Karachi
* Investment Corporation of Pakistan, Karachi
* Pak Brunaei Investment Company Limited, Islamabad

[edit] Investment banks
This section may require cleanup to meet Wikipedia's quality standards. Please improve this section if you can. (June 2007)

* Al-Towfeek Investment Bank Limited
* Invest Capital Investment Bank Limited
* Atlas Investment Bank Limited
* Crescent Investment Bank Limited
* Escorts Investment Bank Limited
* First Credit and Investment Bank Limited[2]
* IGI Investment Bank Limited
* Fidelity Investment Bank Limited
* Islamic Investment Bank Limited
* AMZ Securities
* Orix Investment Bank (Pakistan) Limited
* Prudential Investment Bank Limited
* Trust Investment Bank Limited

Arif Habib Investment and Mutual funds Co.
[edit] Discount and guarantee houses

* First Credit & Discount Corp Limited
* Prudential Discount & Guarantee House Limited
* National Discounting Services Limited
* Speedway Fordmetall (Pakistan) Limited

[edit] Housing finance companies

* Asian Housing Finance Limited
* Citibank Housing Finance Company Limited
* House Building Finance Corporation
* International Housing Finance Limited

[edit] Venture capital companies

* Pakistan Venture Capital Limited
* Pakistan Emerging Ventures Limited
* AMZ Ventures

[edit] Micro finance banks

* NRSP Micro Finance Bank Limited
* The First Micro Finance Bank Limited
* Khushali Bank Limited
* Karakuram Bank
* Network Micro Finance Bank
* Pak Oman Micro Finance Bank
* Rozgar Micro Finance Bank, Karachi
* Tameer Microfinance Bank Limited
* Kashf Microfinance Bank Limited

[edit] Islamic banks

* Dawood Islamic Bank Limited
* Dubai Islamic Bank Pakistan limited
* Meezan Bank Premier Islamic Bank In Pakistan
* AlBaraka Islamic Bank
* BankIslami Pakistan Limited
* Emirates Global Islamic Bank

[edit] Upcoming or transaction in process

* Noor Islamic Bank, Dubai will acquire Emirates Global Islamic Bank, Pakistan

* BNP Paribas is also likely to start operation in Pakistan and is evaluating possibilities to do so.

* Qatar Islamic Bank is looking to expand its operation in Pakistan in the cities of Karachi, Lahore and Islamabad.



[edit] Notes

1. ^ Translated "Agricultural Development Bank"

[edit] See also

* Economy of Pakistan
* Islamic banking
* Index of the Karachi Stock Exchange

[edit] External links

* State Bank of Pakistan
* Banks in Pakistan with products they offer
* Banks in Pakistan database
* Banks in Pakistan
* The Pakistan Credit Rating Agency Limited
* Pakistani Banks
* Silkbank Limited

Banks in Pakistan

    * ABN AMRO
      Rating on Qualisteam:   5.01
      ABN AMRO's businesses in Pakistan have already been separated and integrated with RBS.www.rbs.com.pk
     
    * Askari Commercial Bank Ltd.  

      Rating on Qualisteam:   4.95
      No matter how for away you are, Our technology covers the distance,.. ..through a satellite based, on-line real-time banking system offering telephone banking, ATMs, electronic funds transfer and other modern facilities.
     
    * Bank Alfalah  

      Rating on Qualisteam:   5.55
      We offer services through a network of 142 branches and 59 state of the art ATM machines.
     
    * Habib Bank Limited 
      Rating on Qualisteam:   5.32
      oday, HBL has more than 1,425 branches all over Pakistan and presence in 26 countries across five continents. With a revamped customer oriented philosophy, we are pursuing new avenues of leadership through innovation, as we gear up to face the challenges of the new millennium.
     

    * National Bank of Pakistan
      Rating on Qualisteam:   6.12
      maintains its position as Pakistan's premier bank determined to set higher standards of achievements.
     

    * Soneri Bank Ltd 
      Rating on Qualisteam:   7.00
      Incorporated on September 28, 1991 the first Branch of Soneri Bank Limited formally opened doors for operations in Lahore on April 16, 1992 followed by Karachi Branch on May 09,1992.
     
* The Bank of Khyber 
      Rating on Qualisteam:   3.41
      The Bank of Khyber was establied in 1991 under the act of NWFP assembly. This is the first bank who is doing e-Banking! in Pakistan. Now you can transfer/open accounts through website.
     
    * Allied Bank Limited
      Rating on Qualisteam:   7.00
      Allied Bank is the first Muslim bank, to have been established on the territory that became Pakistan.
     

    * Atlas Bank Limited Atlas Bank Limited
      Rating on Qualisteam:   0.00
      Atlas Bank Limited (formerly Dawood Bank Limited) web site is in the updating process
    

    * Bank Al Habib Limited
      Rating on Qualisteam:   6.67
      Presently, the Bank has a network of ninety branches in all the major cities of Pakistan fully automated and computerized and providing wide range of banking services.
     
    * Bank of Punjab
      Rating on Qualisteam:   8.00
      The Bank of Punjab is working as a scheduled commercial bank with its network of 266 branches at all major business centres in the country.

    * Faysal Bank
      Rating on Qualisteam:   3.80
      a full service banking institution offering consumer, corporate and investment banking facilities to its customers. The Bank’s widespread and growing network of branches in the four provinces of the country and Azad Kashmir, together with its corporate offices in major cities, provides efficient services in an effective manner.


    * First International Investment Bank
      Rating on Qualisteam:   3.00
      IGI Investment Bank Limited was incorporated in 1990 as a joint venture of the Packages Group, American Express Bank and the International Finance Corporation (IFC).
    

    * First Women Bank Limited
      Rating on Qualisteam:   4.00
      First Women Bank Ltd. was incorporated as a Scheduled Commercial Bank in Public Sector as Public Company Ltd by shares in 1989.


    * Industrial Development Bank of Pakistan       

Rating on Qualisteam:   1.00
      one of Pakistans’ oldest development financing institution created with the primary objective of extending term finance for investment in the manufacturing sector of the economy.


    * Khushhali Bank
      Rating on Qualisteam:   7.00
      In August 2000, Khushhali Bank was established as part of the Government of Islamic Republic of Pakistan's Poverty Reduction Strategy and its Microfinance Sector Development Program (MSDP) that was developed with the assistance of Asian Development Bank. It is headquartered in Islamabad and operates under the central bank's supervision (State Bank of Pakistan) with commercial banks as its shareholders. Its mandate is to retail microfinance services and act as a catalyst in stabilizing the country's newly formed microfinance sector.
    

    * MCB Bank Limited
      Rating on Qualisteam:   7.00
      Formerly Muslim Commercial Bank Limited has a solid foundation of over 50 years in Pakistan, with a network of over 900 branches.
     

    * Meezan Bank
      Rating on Qualisteam:   8.55
      Meezan Bank is Pakistan's first scheduled Islamic commercial bank, and operates strictly under the principles of Islamic Shariah.
     
  

    * Mybank Limited
      Rating on Qualisteam:   5.00
      One of the fast growing Private Banks in Pakistan (former Bolan Bank)
     

    * NIB Bank
      Rating on Qualisteam:   5.33
      Our Mission is to provide a banking experience so unique, that it compels each of our customers to want a long term, multi-product relationship with NIB Bank.
     

    * United Bank Limited Pakistan
      Rating on Qualisteam:   2.53
      We offer our services through a wide network of over 1000 domestic branches all over Pakistan and 15

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THE WORLD'S BEST DEVELOPED MARKET BANKS 2010

NEW YORK, February 17, 2010 – Global Finance magazine (www.gfmag.com) has announced its annual awards for the World’s Best Banks in Developed Markets. A full report on the selections will appear in the April issue of Global Finance. The winners of this year’s awards are those banks that attended carefully to their customers’ needs in difficult markets and accomplished better results while laying the foundations for future success.
All selections were made by the editors of Global Finance, after extensive consultations with bankers, corporate financial executives and analysts throughout the world. In selecting these top banks, we considered factors that range from the quantitative objective to the informed subjective. Banks were invited to submit entries supporting their selection. Amid nominally objective criteria were growth in assets, profitability, geographic reach, strategic relationships, new business development and innovation in products. Subjective criteria included the opinions of equity analysts, credit rating analysts, banking consultants and others involved in the industry.

The mix of these factors yields leading banks that may not be the largest, the oldest or the most diversified in a given country, but rather the best — the banks with which corporations around the world would most likely want to do business. Winners were selected in 25 countries. This year, winners were not selected in Iceland and Ireland.
“We recognize these banks for their outstanding accomplishments,” says Global Finance’s publisher, Joseph D. Giarraputo. “Global financial markets are extremely difficult and conditions in each market may have differed but the winning banks were all noteworthy in their dedication to satisfying their customers’ needs.”

Global Finance names the World’s Best Developed Market Banks 2010

North America
Bermuda-Butterfield bank
Canada-Royal Bank of Canada
United States-J-P.Morgan Chase

Europe
Austria-RZB
Belgium-ING
France- BNP Paribas
Germany-Deutsche Bank
United Kingdom-Santander

Top 10 Largest Banks in U.S.

Rank	Institution	Headquarters	Assets
1.	Bank of America Corp.	Charlotte, N.C.	$1,082,243,000
2.	J. P. Morgan Chase & Company	Columbus, Ohio	1,013,985,000
3.	Citigroup	New York, N.Y	706,497,000
4.	Wachovia Corp.	Charlotte, N.C.	472,143,000
5.	Wells Fargo & Company	Sioux Falls, S.D.)	403,258,000
6.	U.S. BC	Cincinnati, Ohio	208,867,000
7.	Suntrust Banks, Inc.	Atlanta, Ga.	177,231,000
8.	HSBC North America Inc.	Wilmington, Del.	150,679,000
9.	Keybank	Cleveland, Ohio	88,961,000
10.	State Street Corp.	Boston, Mass.	87,888,000

As of Dec. 31, 2005.

Source: Federal Reserve System, National Information Center.

Top 10 Global Banks by Total Assets

Here is a list of the top ten global banks ranked by total assets based on the report of The Banker dated July 2, 2004. Assets are in ($M). The biggest is Mizuho Financial Group ($1285.5bn), and 3 out of the top 10 banks are from Japan.

Rank	Bank	Country	Assets ($M)
1	Mizuho Financial Group	Japan	1,285,471
2	Citigroup	USA	1,264,032
3	UBS	Switzerland	1,120,543
4	Credit Agricole Groupe	France	1,105,378
5	HSBC Holdings	UK	1,034,216
6	Deutsche Bank	Germany	1,014,845
7	BNP Pariba	France	966,982
8	Mitsubishi Tokyo Financial Group	Japan	974,950
9	Sumitomo Mitsui Financial Group	Japan	950,448
10	Royal Bank of Scotland	UK	806,207

The top 10 online banks

Top 10 e-banks
Rank/site	Score	Transfer funds to other banks	Receive bills online	Low-balance e-mail alert	Receive Web-only statements	Stop payment on a check
1. Wellsfargo.com	80		x	x	x	x
2. Citibank.com	79	x		x	x	x
3. Bankofamerica.com	77	x	x	x	x	x
4. Bankus.etrade.com	74	x		x	x
5. Huntington.com	69				x	x
6. Firstnational.com*	68			x	x
6. Hsbc.com	68	x			x	x
6. Usbank.com	68		x		x
9. Chase.com	67			x		x
9. Wachovia.com	67			x		x

*First National Bank of Omaha.

Information as of July 2005. Source: Watchfire GómezPro

BEST INTERNET BANKS IN ASIA 2009

Reference by: Global Finance

See following for full listing of the World’s Best Internet Banks First Round winners for 2009 in Asia:

Country Winners: Best Consumer Internet Banks
Australia	HSBC
Azerbaijan	Rakbank
Brunei	HSBC
China	ICBC
Hong Kong	HSBC
India	Citi
Indonesia	Citi
Japan	Citi
Kyrgyz Republic	AsiaUniversalBank
Malaysia	Citi
Pakistan	Citi
Philippines	Citi
Singapore	HSBC
South Korea	Shinhan Bank
Sri Lanka	HSBC
Taiwan	Taishin International Bank
Thailand	Citi
Vietnam	HSBC

Country Winners: Best Corporate/Institutional Internet Banks
Australia	Citi
Azerbaijan	Rakbank
Bangladesh	Citi
Brunei	HSBC
China	Citi
Hong Kong	HSBC
India	Citi
Indonesia	HSBC
Japan	Citi
Kazakhstan	Citi
Kyrgyz Republic	AsiaUniversalBank
Malaysia	OCBC
Nepal	Standard Chartered
New Zealand	Citi
Pakistan	Citi
Philippines	Citi
Singapore	HSBC
South Korea	Citi
Sri Lanka	HSBC
Taiwan	Chinatrust Commercial Bank
Thailand	Citi
Vietnam	Cit

Regional Sub-Category Winners: Best Consumer Internet Banks
Best Investment Management Services	Citi
Best Bill Payment & Presentment	Citi
Best Online Consumer Credit Site	HSBC
Best Web Site Design	Commonwealth Bank
Best Integrated Consumer Bank Site	ICBC
Best Information Security Initiatives	HSBC
Best Online Deposits Acquisition	HSB

Regional Sub-Category Winners: Best Corporate/Institutional Internet Banks
Best Investment Management Services	HSBC
Best Online Cash Management	HSBC
Best Trade Finance Services	HSBC
Best Web Site Design	HSBC
Best Integrated Corporate Bank Site	ICBC
Best Information Security Initiatives	HSBC