Posted by Ed Garcia on June 20, 2001 at 09:25:13:
The title of the workshop is “How To Get Lenders Fighting To Give You Money”. The concept of the title is two fold. (1) Learn how to understand and communicate with the lenders, and learn how to use them against one another by being a desirable borrower.
I usually try to teach you how to TARGET and work, small local community banks. My suggestion in your case is to choose a bank in Ventura County, that will go as far up the coast as San Luis Obispo. Community Banks are just that, they lend in the community, and in many cases will have boundaries. For example Palmdale and Lancaster are good investment areas for units right now. I would have preferred to choose a local bank that is familiar and comfortable with the area. Rather than choose a bank that is out of the area and would have to reach for a loan, there for being critical of the buyer and the acquisition, because the real reason is, that they don’t really want to lend in the area to begin with.
These can be small tips Nick when deciding on choosing a lender, but many times it can make a difference. Nick, I don’t know if you’re ready for a “Working Credit Line” as of yet because I don’t know anything about you, how much business you’re going to be doing( how many properties you’ll be buying and selling), how you pencil a deal ( what you consider a deal) or any thing about how you conduct business to know if you warrant, or are a good candidate for a “Working Credit Line”.
Needless to say, rather you’re ready or not, to learn how to do a business plan and put one together can have a multiple of benefits for you. It will help you look at yourself, and how you conduct business, it will help you get investors by showing them how you do business, and of course it’s a great sales tool to use with banks.