Читать книгу How to Get a Business Loan for Commercial Real Estate - Charles Ph.D Barthelemy - Страница 8

As you can see we are on are way to obtaining funding for our business, this last Chapter is probably the most important of them all: Reading and Comprehending!!!!

When you are looking for a funding source to submit your package to, the biggest question you should be asking yourself is: Am I dealing with a direct lender or a broker??

defining a direct lender

A Direct Lender is a company or an individual that funds your project, in other words the person / company that is writing the check.

Direct lenders can range from your traditional banks (BOA, Wells Fargo, BB&T, and SunTrust). Keep in mind these are just a few of the well known direct lenders that you may know of because they are mainstream. You have tons of direct lending sources out there that I did not mention. You do not want to limit yourself to just the well know sources. As I mentioned earlier you must do your due-diligence before making a commitment to the sources that are unknown.

Building A Relationship With The Direct Lender

A)Locating a direct lending source can come from a referral, someone you trust that has done business with this source and been successful.

B)It is very important to establish a solid relationship with that direct lender. There are several ways you can establish this relationship. Contact them on a weekly basis along with visiting them. You may also establish checking and savings accounts with that direct source.

C)Getting to know that individual is very important, having them understand your business needs inside and out. You want have full disclosure with this individual, no hidden secrets.

DEFINING A BROKER

A Broker is defined as an individual or company that acts as the liaison between you the customer, and the direct funding source. You must be able to distinguish between a reputable broker and a broker that is just charging fees and has no intentions on funding your project.

A Reputable Broker Is one who will disclose all fees upfront, which is their fees and the direct funding source fees.

A)One that will take the time to explain the funding process, whether that be educating you on certain programs that may be suitable to funding your project or just simply taking the time to listen to your project.

B)Integrity, Honesty, Trust: This has to be the most important of them all. You need to know that you can trust the broker you are doing business with. You have to know the broker is being totally honest and extremely authentic.

C)A good broker will let you know if he can assist in funding your project, however on the same token he should let you know if he cannot and the reasons why. Along with explaining why your project is not doable, he should be able to tell you what steps to take so that in the future you will be eligible for funding.

Non-Reputable Broker I will be as direct as I possibly can:

A)An Individual or Company that is extremely pushy: From the time you speak with them they immediately are asking for a retainer fee, in most cases a very large retainer fee. This person will continue to mention this fee through out the conversation.

B)One that will be very attentive to what you are asking for and agrees to all that you are saying, this I call over charming, not being truthfully and honest, not giving you the pros and cons and the full picture.

C)One that says he will send you an LOI (Letter of Intent) or an LOC (Letter of Commitment) and has not viewed any documents: i.e.; business plan, financials on the business, credit report etc.

There is no possible way a company or individual can determine if they are able to assist in funding your project without evaluating your total financial profile.

The bottom line is that you must do your due-diligence and research when it comes to choosing a broker, getting creditable references, inquiring about the projects they funded, along with meeting with that company or individual.