Property Management
Building Solid Financial Foundations
for Property Managers
Keeping properties running smoothly and profitably means juggling tenant needs, property owner expectations, and constant financial responsibilities. At Thomaston Savings Bank, we understand the property management industry is complex – and we’re here to take some weight off your shoulders. As national and regional banks consolidate and shift focus, Thomaston Savings Bank has remained proudly independent since 1874 with local decision-making and personal service. We know property management isn’t one-size-fits-all – we develop customized banking solutions to meet your business’s specific needs. From streamlining rent collection and safeguarding security deposits to financing property improvements, our goal is to help your business thrive with tailored financial tools so you can focus on what you do best: managing properties and serving clients.
Streamlined Rent Collection & Cash Flow
Managing rent payments across multiple properties can be challenging, especially when dealing with paper checks, different due dates, and occasional late payments.
Our Treasury Management suite helps you get paid faster and improve your cash flow by making it easy for tenants to pay you on time.
Our Receivables & Collections services automate and simplify your collections process: set up ACH Origination to automatically pull rent payments from tenant accounts each month, reducing late payments and trips to the drop box.
For tenants who prefer paying by check, take advantage of our Remote Check Deposit to expedite deposits by scanning and sending them to the bank directly from your office – no more driving to a branch just to deposit rent checks.
If your company manages a large volume of checks, our Lockbox service will receive, scan, and deposit incoming rent checks on your behalf, and even provide digital images and reports for easy record-keeping.
We can also set you up with Merchant Services to accept credit or debit card payments for rent or condo fees, giving tenants more ways to pay and getting those funds into your account by the next business day.
And with Online & Mobile Banking at your fingertips, you can monitor incoming payments in real time, transfer funds between property accounts, and receive alerts if a large payment doesn’t come in on time.
We also help protect your revenue: our Fraud Protection tools like Positive Pay flag unauthorized or fraudulent checks and ACH transactions before they clear, so you can trust that your hard-earned rent collections stay secure.
Simplified Tenant Deposits & Escrow
Property managers often hold significant sums in security deposits or escrowed funds for tenants and property owners. We know it’s critical to manage these funds separately, securely, and in compliance with state laws.
That’s why TSB offers specialized solutions like our Tenant Lease Security Account, designed specifically for Connecticut landlords and property managers to ease the burden of managing security deposits and ensure regulatory compliance. This account earns interest at the statutory rate set by the Connecticut Department of Banking, ensuring you automatically meet the state’s requirements on tenant deposits. In other words, we handle the mandatory interest calculations for you – a truly “no-hassle” way to meet Connecticut’s security deposit interest rules.
Opening a Tenant Lease Security account is simple and you’ll enjoy full control over access and withdrawals, so while tenant funds remain protected, you can easily refund deposits or transfer interest when needed. Plus, managing these accounts is convenient: you can view balances, track interest, and handle transactions through our robust Online and Mobile Banking platforms, giving you 24/7 access to your escrow funds.
Many property managers also maintain reserve or operating accounts for each property – with our Business Savings Account, you can securely set aside repair reserves or capital improvement funds while earning competitive interest on your balances. All our business deposit accounts come with time-saving features like eStatements, night depository access for after-hours deposits, and even self-service coin processing. We take the headaches out of managing multiple accounts so you can keep each property’s finances organized and compliant, giving both you and your property owners peace of mind.
Flexible Financing for Growth
Whether your goal is to expand your management portfolio, invest in new technology (like property management software or security systems), or even purchase real estate of your own, our commercial lending team is ready with smart financing solutions. We offer a wide range of options to fit your needs.
Term Loans
Business term loans provide capital for major investments – perfect for funding an office expansion, company vehicle or equipment purchases, or significant renovations on a property you own.
Line of Credit
A business line of credit is an excellent solution for short-term working capital or seasonal cash flow gaps – you can draw funds to cover expenses like maintenance projects or tax bills while you await rental income, and repay as rents come in.
Commercial Mortgages
We also specialize in commercial mortgages, so if you’re looking to buy or construct a building – whether it’s a new office for your company or an investment property – we can secure the financing to make it happen.
SBA Loans
For qualifying businesses, we partner with the U.S. Small Business Administration as an SBA Preferred Lender to offer SBA Loans that come with longer repayment terms and lower down payments than conventional loans – a great fit if you’re pursuing a significant growth opportunity and want more flexibility.
Business Express Loan Program
When you need funding fast, our Business Express Loan Program has you covered: get up to $50,000 in as little as 24 hours with a streamlined application and approval process. Use it as a one-time loan for an immediate expense or as a line of credit for seasonal needs – either way, you’ll benefit from competitive rates and the support of our expert local lenders.
Your Local Partner
in Property Management
In real estate, having a reliable partner can make all the difference. With us, you’re banking with an institution that has been deeply rooted in the Connecticut community for over 150 years. We’re a state-chartered mutual savings bank established in 1874, which means our focus has always been on our clients and communities rather than distant shareholders. Through countless economic cycles, property booms and busts, and big-bank shakeups, we’ve remained a stable, trusted financial pillar – and we’re committed to being here for the long haul.
When you bank with us, you get a dedicated relationship manager who truly understands the local property landscape and your business’s unique goals. Need a quick decision on a financing request or advice on how to structure accounts for a new property owner? Our team is empowered to respond with agility and common-sense solutions, without the layers of bureaucracy you might find elsewhere. We pride ourselves on offering clear answers and strategic support built for our Connecticut market – after all, this is our home too. And with multiple convenient branch locations, plus robust digital banking tools, you can reach us whenever and however it suits you. We’re not just your bank; we’re your financial partner, invested in your success. .
Ready to Strengthen Your Financial Foundation?
Discover how a banking partnership built on trust and local insight can elevate your property management business. Contact our team to discuss how our treasury management services and commercial lending solutions can save you time, protect your assets, and fuel your growth. Whether you oversee a handful of units or a large portfolio, Thomaston Savings Bank is here to provide the stability, expertise, and personalized attention you need to thrive in a changing market.
