Do you ever look at someone and wonder how in the heck they got the bank to say yes to their latest purchase? I know I used to. Now I know it’s all in the preparation for financing! It’s amazing what banks will do for you when you present your request to them properly. I have created an article that will uncover this mystery for all of us!
My secret is to give them more than what they are going to ask for when I get in there! I remember the first mortgage that I applied for. I was so scared to go see the Loans Officer! I walked into his office with nothing but my nerves and guess what? I walked out with a whole lot less that what I went in for.
It went something like this: I walked in, (without an appointment), and actually got in to see the loans officer. I explained to him that I wanted to get a mortgage for a house that I had made an offer on, he asked me if I had done an appraisal, brought any financial information about myself (other than I had and account in his bank since I was 13), and asked if I had brought the accepted offer to purchase with me. My response: “Uhhhh, nope.” Guess how quickly he gave me that loan?
Since then I have acquired over 2 million in loans in increments from $3000 to $500,000 at a time, for both business and personal. My secret you ask? Preparation and presentation right from the first phone call you make to the bank!
First I make the phone call to make the appointment with the Loans Officer that is best for his or her schedule. When I call I make sure that I understand that we are entering into a win/win agreement, no matter what the loan is for. The Loans Officer’s job is to sell loans, and I am planning on purchasing one of his/her products. Therefore we both gain something from this new relationship.
Next I make sure that I am there on time and fully prepared with everything that he/she is going to require to start the application process while I am there that day. You see bank managers are used to people coming in empty handed with the expectation that they will get a yes or no answer to their loan request that day. Long gone are the days that you could walk in, state what you want and know that because of your relationship with your banker, and your history with the bank that you are going to get what you want. These days there are Head Offices, and Administration Offices that do the deciding from the information that the Loans Officer or Bank Manager provides them. The bank gets all of that information from you. So give it to them before they ask for it!
For access to a detailed outline of what your banker wants to see visit my website http://www.businessdoneright.ca/.
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