Having a professionally prepared bank package under your arm can go a long way to helping you get the financing your are seeking whether it is for personal debt consolidation or large-scale commercial mortgage financing. A professional loan request package can, in fact, move a C-class borrower to a B-class and a B-class borrower to an A-Class. Why? When you have a professional bank package that represents your project the lender (s) your present your case to will be impressed with your knowledge of the economics of the deal and the professional assembly of that information in a format that is easy to understand, and approve. In essence, you are communicating with a lender on their terms, on level ground. Even if you don't get the exact loan you are seeking, you will get the respect of the lender.
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Bank package preparation is a closely held trade secret by the elite few in the financial world, people known as "financial brokers" or "financial consultants" who earn substantial fees ranging from a few hundred dollars to thousands of dollars depending on the size and scope of a transaction. It is not uncommon for a financial consultant to receive $2,500.00 to prepare a commercial real estate bank package for a client and about $500.00 for relatively simple personal loan requests. This information is so well protected because of the fees earned with this knowledge.
Think about it: If you were a lender, and two equally qualified people approached you for financing, one was unorganized and unprepared with a loan request written on the back of a napkin and the other had a highly organized bank package. Of these two people, which person would get your attention? Who would you feel most comfortable loaning money?
This is why you need to know how to prepare a bank package for your specific type of loan request. And if you think this not true, keep in mind that there are 100 people behind you all standing in line for a loan. The banker or other lender, who is on a salary, probably doesn't want or need to work hard on your deal... The bank package does the work for the lender, increasing the chances of you getting the financing you are seeking!
To your success!
Copyright © 2006 James W. Hart, IV All Rights Reserved
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