Dealing with Banks and Getting Your Loans Approved Fast (REWIND)
To get financing, you have to prove to banks and lenders that you’re far from delinquent and can be trusted. So, in this episode of Mark My Words Podcast, Mark talks about how essential it is to build rapport with long-term lenders to get better terms with banks. He also suggests that you look for 2-3 commercial lenders. Though you’ve submitted the complete requirements and have an outstanding credit report, it also makes a difference if you have established a connection with the relationship manager since they already trust you and know that you meet the criteria. KEY TAKEAWAYS Mark prefers to get to know and contact the relationship manager directly with the bank, not through a broker. In this way, you get to know each other. So, when they see that you have good standing of records in their database and remembers that they also know you, there is a high possibility of getting the best terms with the lowest rates. Mark’s Tips: Have 2 or 3 commercial lenders. Try not to spend too much money on legal fees. We need development finance for our projects. Banks offer low loan values, and the terms are not as good. Mark suggests going to your broker for your development finance. BEST MOMENTS "Until the evaluation is back and the bank has confirmed how much they're going to lend on the property... you probably got that many more issues to come." "In the future, I probably find a bank number two - a backup, a secondary bank." "You need to have 2-3 long-term relationships with term funders who do development finance, who you could go to if you need a loan, who has got you in his system, who has seen over time how you behave." VALUABLE RESOURCES British Banker’s Association RBS Mark My Words Podcast #067 Can I borrow all the money for my project? YES, you can! Interview With Dean Brown | iTunes Progressive Property ABOUT THE HOST Mark Homer is an entrepreneur investor. He has worked with investment since he was 15 years old using the laws of wealth! He is a spreadsheet analyst with an impressive following from major publications including BBC Radio, The Wall Street Journal, The Independent, as well as co-authoring the UK’s best-selling property books. Mark has always looked for the best investment vehicle, and at the end of 2007 with Rob Moore the co-founder of Progressive Property his joint portfolio produced more profit than any of the other investments he’d tried in the last ten years, combined. Contact Method Email: [email protected] LinkedIn: https://www.linkedin.com/in/markhomer1 Facebook: https://www.facebook.com/markprogressive Twitter: https://twitter.com/markprogressive ‘Brought to you by Progressive Media’: https://progressivemedia.uk/