Lenders and investors are overwhelmed with loan requests today and they focus on the deals that require the least amount of time. If they don’t understand your request or if there is missing or incorrect information, they will likely put the deal behind other requests that they can quickly review and quote. Here is a checklist of information most lenders and investors review.
*** Fine Tune your elevator Pitch
The request
- Start with Specific loan request including the loan amount, term needed , purpose of transaction exit and something compelling about the transaction, borrower , other and confirm the subject property location (describe location along with address)
- The Property – Collateral;
- Physical address of the property (include vicinity map, link to county appraisal district)
- current status
- what’s needed , repairs, other
- Color photos of the property (especially if rehab-renovation money is involved.
The Borrower:
- Legal name of the ownership entity, including the general partner or managing member names and percentage ownership
- Short description of background – what strengths in your bio make you a good loan candidate for request
- Financial Health – explain any shortcomings, bk, foreclosure , other
- Past project returns, what have you provided your equity partners in past.
- Offer references (lenders, banks, partners , other)