Get Current And You’ll Find Success

The loan requests we review generally come from business owners, developers, brokers and intermediaries. Yet, many times we just have to ask, don’t they ever wonder why their loan requests get turned down? Often, they’ll get turned down by several different lenders before we ever meet.

It’s not uncommon for us to get loan requests that have dates on them that are 2 and 3 years old. So, let me ask you … would you loan your hard earned money to someone whose plans and projections are old and outdated? Of course you wouldn’t! But, these borrowers still send out the same rehashed request that’s gotten them nowhere for years. Worse yet, it seems like it never occurs to them to ask why they’re being turned down.

Many times we’ll get a business plan or executive summary and proforma that’s clearly outdated. Even though they may have a good idea, they don’t tale the time to update their documentation. Make sure your dates are current. Check recent pricing, market trends, industry news and your competitor’s success and failures then revise your documentation accordingly.

If you’re asking for tens of thousands of dollars or even millions of dollars, make sure your documentation at least looks like it’s up to date. To access that kind of investment, you need to demonstrate that you have a keen eye for detail, a thorough knowledge of your industry and are covering all the bases.

Most importantly, don’t give up! If you have a loan request that makes fiscal sense, then there are lenders and investors out there that will help if you put the right information in front of them. If you can’t find them, ask. Otherwise, you’re going to find yourself on that rejection merry go round where you don’t want to be.

Visit us tomorrow for another free commercial loan secret and be sure to subscribe to our RSS feed.

You can also contact us to ask questions and voice your concerns. Just pick up the phone and dial, CFIC Funding, Inc. today at 310-421-7370! Ask for David Young or Wayne Clinton. You can also visit http://www.cficfunding.com or mail david@cficfunding.com or wayne@cficfunding.com