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PE professionals often believe they’ll easily qualify for a mortgage because of the assets on their balance sheets, but they’re surprised to find some lenders don’t understand their financial statements. First Republic not only works with many borrowers who have complicated tax returns and multiple Schedule K-1s, but also understands the inherent complexity of a PE professional’s compensation structure.
Private equity fundraising activity slowed significantly in Q2 2020.
1Earnings credit rate (ECR) will determine your earnings credit (EC) for the month. The ECR is determined by the monthly average collected balance (“balance”) range maintained in your Business Analyzed Checking account. 1.00% ECR applies to balances up to $500,000 and 1.25% ECR applies balances above $500,000. Ask your banker for details including how ECs are calculated and applied to bank service fees. The ECR program is subject to change without notice.
2Offer is limited to a First Republic Business Analyzed Checking account and includes the features listed above for the first 24 months from the initial account opening date. Offer is extended to only new, first-time business checking clients of First Republic Bank who are located within the First Republic footprint. For a list of locations, please visit firstrepublic.com/locations. The features will be applied by the end of the second business day after account opening. Offer is valid 01/02/2020–12/31/2020 and is subject to change without notice. A monthly service fee (currently $30) will apply. Earnings credit can offset most bank fees each month based on account balance maintained. A minimum monthly average balance of $15,000 is required to receive the additional $250 of earnings credit. Promotional feature ends after the first 24 months.
3Minimum opening deposit $5,000. A monthly service fee (currently $30) will apply. Earnings credit may offset most fees based on balance maintained. Non-interest-bearing checking account.
To qualify for the $1,770 bonus offer, you must 1) open a new Business Analyzed Checking account and deposit $500,000 in new money and 2) maintain a minimum $500,000 daily balance for the 180 days following account opening. New money means funds not held by First Republic and its affiliates.
To qualify for the $250 bonus offer, you must set up Corporate Online and establish online wire transfers within 120 days of account opening. Offers are effective 04/01/2020 until 09/30/2020 and are subject to change without notice. Offers are extended only to new, first-time First Republic business checking clients who are located within the First Republic footprint. For a list of locations, please visit firstrepublic.com/locations. Bonuses are reportable for tax purposes in the year credited. One $250 and $1,770 bonus per business relationship. $250 bonus will be credited in your new open account 130 days following account opening if you have completed the requirements. $1,770 bonus will be credited in your new open account 190 days following account opening if you have completed the requirements.
4To receive the complimentary 409A valuation, you must: 1) open a Business Analyzed Checking account, 2) maintain your primary operating account at First Republic, and 3) maintain a minimum monthly average balance of at least $100,000. A primary operating account is defined as one including income sources and payroll. You are eligible for the valuation after you fulfill these requirements. The valuation can only be provided by one of First Republic’s preferred vendors. First Republic employees are not eligible to participate. Valuation amount is reportable for tax purposes in the year credited.
Minimum $5,000 to open a Business Analyzed Checking account. A monthly service fee (currently $30) will apply. Earnings credit may offset eligible fees based on balance maintained.
Offer is effective 01/02/2020 and valid until 12/31/2020. You have 24 months from account opening date to obtain the 409A valuation. Offer is subject to change without notice. Please contact a First Republic banker for details.
5Domestic and foreign country ATM access fees are rebated at the end of the monthly cycle. Foreign currency conversion and other usage fees vary by country and network and are not included in the rebated ATM access fees
6First Republic encourages you to independently evaluate the services and providers included here to determine if they are appropriate for you.