It’s not hard to find lousy deals, is it? The marketplace is crawling with bad loan applications that generally walk in the door and save you the effort of even hunting them down. The weakness with these deals is that they don’t have good advisers working with them, don’t have a suitable business plan for success, and haven’t been able to muster the resources to make their trajectory realistic or close enough to even being fundable.
But have you ever noticed how some the best qualified loans deals always seem to be gone before you knew they were even a prospect? Maybe it’s a sale contract by a broker you just saw a few days before, or a business owner you met at a networking event recently. Next thing you know, they’re getting ready to fund a sizable deal, and you weren’t called in to manage it.
One reason you may be missing good deals is because better deals are scooped up by those lenders who can sell. And by ‘sell,’ I mean sell themselves. To be successful in the lending business ultimately means you have to develop a reliable network of other good salespeople–referral sources like real estate brokers, accountants, franchisors, etc. All of them often need for their own business prospects to get financing in order to make the transactions that these referral sources are trying to score.
So why not call you? The most successful referral sources are drawn to someone who can reliably preview the transaction and recognize whether it can actually be approved and funded–or not, without wasting time. They like to depend on people who drop everything and get on the job–the job on which their own livelihood depends–and show the referral source that their deals are important to you, the lender.
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Of course, you are that kind of person, right? You can be counted on to mobilize 150% of your efforts with zero notice and work diligently to get the deal done for all interested parties. If that’s the case, you have a promising lending career ahead…as soon as you can sell yourself–then prove yourself–to the better salesperson ahead.
SBFI offers 50+ training courses to improve commercial lending skills-get catalog here.
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