Thank you for the opportunity to share general information relating to the commercial real estate finance industry and letting you know what's new at Cornerstone Commercial Mortgage. We value your relationship and believe better communication is another way we can serve you. |
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Tips to improve your loan request presentation and expedite the loan approval process: Create an executive loan summary of the pertinent points of the deal and present it in a concise, professional format. Include a map and a few photos.
Don't overload the lender initially with all the supporting information needed to close the loan, because you are not trying to close the loan at this point you are trying to get the lender to consider your loan for approval.
Follow up with the lender to answer questions and provide exactly what the lender is requesting and nothing more. Sometimes too much information can just bog the lender down.
The closer your presentation resembles the lenders own internal presentation the better you will be. Because the lender can just cut and paste your information into their format which makes it easier for them and expedites your request.
What are the basic categories included in an excellent executive loan summary (1 to 2 pages max):
- Request
- Borrower (brief background & financial summary)
- Purpose
- Security
- Loan terms requested
- Valuation summary (loan to value)
- Equity/Cash in the project (loan to Cost)
- Cash flow summary if applicable (Debt Service Coverage)
- Sources and Uses of funds
- Exit Strategy
Cornerstone Commercial Mortgage has arranged over $450 million in commercial real estate loans. The principals have the experience working as direct lenders (bankers) as well as on the investor side, so we know what the lender needs to see and hear to get your deal approved. In this tough lending environment if you want to improve your chances of getting your loan approved let us help you. Call us today.
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Navigating the Credit Crunch: The Developer's Survival Guide
Commercial Mortgage Insight, September 2008, By David St. PierreSuccessful developers will actively seek out partnerships, focus on projects and maintain realistic expectations.
As the ripple effects from the subprime mortgage crisis continue to make front-page news, the short- and long- term ramifications for commercial real estate developers are beginning to come into focus. Compared to residential real estate, commercial real estate has been relatively resilient so far, but there has been some spillover into commercial real estate markets.
Click here to read the rest of this article
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More Wise Words
Management guru, Peter Drucker, left us with many thoughts on leadership when he died a few years ago. Here's one from the vault:
"Leadership is not magnetic personality-- that can just as well be a glib tongue. It is not making friends and influencing people--that is flattery. Leadership is lifting a person's vision to higher sights, the raising of a person's performance to a higher standard, the building of a personality beyond its normal limitations."
From The Quotable Manager, compiled by Joel Weiss, Gibbs Smith Publisher. |
