I think I did it, talk to you soon Ed! - Posted by Mark in Concord, NC

Real Estate Investing Real Estate Financing
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Posted by Ed Garcia on June 27, 2002 at 11:33:27:

Mark,

I’m happy for you, but call me before you go any further. The first thing I’d like you to know is, that as a rule, banks are not necessarily credit score driven. The reason being is that they do their own due diligence and are portfolio lenders.

Secondly, I’m not crazy about you putting up 20%, that’s not my intention in doing a WLOC. I’m thrilled that you have taken the initiative to take the information from the workshop and dive right in. I can tell by your post that you’re seeing results that you normally would not have seen because of your new attitude towards banks and what part they play in your real-estate investing.

But before you go any further, I need to fine-tune your business plan to match it to your financial picture, and I purposely do not show the mechanics of the line usage and exit strategies in the business plan in the workbook. The reason is duplication.

Call me at your convenience, and I’m glad to see the results that you’re receiving from the bank because you’re now talking their language and presenting yourself as a professional businessman rather then just a real-estate investor who needs money on an if-come-maybe.

Ed Garcia

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I think I did it, talk to you soon Ed! - Posted by Mark in Concord, NC

Posted by Mark in Concord, NC on June 26, 2002 at 17:41:44:

Ed,

I attended the work shop in Atlanta. Thanks for the sample business plan. I took my plan by a friend at Wachovia to look at. He loved it and asked if he good try to get the loan passed. I told him I was going to try some smaller banks first. He almost begged me to let him do the loan, so me being the nice friend said, “Sure if you want to. Go ahead.” The head loan officer called today and stated that they would need 20% to secure the loan. I’m hoping that with my credit score (740) that maybe I can get them down to 10%.

I haven’t gotten a chance to call yet but I will get in touch with you shortly. ( I did take it to my old bank and they said they don’t do indirect lending for start-ups.)

I just have to find the properties now.

Talk to you soon.