Posted by Tony Colella on January 02, 2006 at 22:19:41:
I have never used any business software to obtain a loan. Software can’t hurt but aren’t required.
I have found that documentation is the key. No business plan has ever been asked of me. The lender looks at my detailed outline of the property and the deal. They look at the detailed personal financial statement I provide and we go from there.
This has been the procedure we use with small banks, hard money lenders, large banks etc.
It is the details and terms of the deal that make it worth the bank’s risk, not the software. You will need to provide the details through the due diligence etc. The software may make it look pretty but it won’t make the deal better.
We discuss in detail in our teachings just how we work with lenders and present the deal. If you can make the boot camp, we will be going into even more detail.
Don’t get me wrong. Creating a business plan is well worth it but it is very time consuming. You will learn more about your business than you even knew. I just don’t want people to get bogged down in the time it takes to create a detailed business plan and forgo just getting out there and doing the deals that create the business. Don’t let the business plan become busy work.
Tony