But today, although I\u2019m now hungry for a chocolate chip cookie, I don\u2019t want to talk about sweets; I want to talk about loans<\/i>.<\/p>\n
I know, bummer<\/i>.<\/p>\n
But trust me, loans might not be as delicious as cookies, but they\u2019ll serve you better in the long run. When you hear that sweet \u2018ol \u201cyes\u201d from the bank, you\u2019ll be able to buy as many cookies as you like.<\/p>\n
So today we\u2019re going to sing a new song. C is no longer for \u201ccookie.\u201d C is now for loan acceptance.<\/strong> And we\u2019re not just going to talk about one \u201cC,\u201d we\u2019re going to talk about the \u201cfive C\u2019s<\/strong>\u201d of a perfect loan presentation.<\/p>\n Want to hear your lender\u00a0say yes? Then start incorporating these five\u00a0C\u2019s in your loan requests.<\/p>\n ***As a side note, and totally unrelated to this post, I wanted to invite you to this week’s BiggerPockets Live Video Webinar – where I’ll be teaching on “How to Invest in Real Estate While Working a Full Time Job.” \u00a0Sign up here!<\/a> \u00a0Okay, back to your blog post…***\u00a0<\/em><\/strong><\/p>\n Related<\/strong>: Confessions of an Ex-Banker: How to Get Your Next Loan Approved, Guaranteed<\/a><\/em><\/p>\n When you present your loan to a lender, whether it\u2019s a bank, a private money lender, a hard money lender, or someone else, how confident are you in the strength of the deal? Are you sure<\/i> it\u2019s a good deal you are buying?<\/p>\n If someone came to YOU and asked to borrow $20, and when you asked why, they stuttered and stammered and looked at the ground while talking\u2026 would that make you nervous? Of course it would! So why would you assume a lender is going to treat you any differently? Be confident!<\/p>\n Notice I\u2019m not telling you to \u201cact confident.\u201d This isn\u2019t false confidence. You should actually be<\/i> confident in the deal because you\u2019ve run over the numbers a hundred times, and it IS a great deal.<\/p>\n When you are confident, your enthusiasm for the deal will rub off on the lender and help them get to \u201cyes.\u201d After all, no one knows your deal like you do, so be sure you\u2019ve run your numbers and have the confidence to say \u201cthis is an amazing deal.\u201d<\/p>\n How clear are you when pitching your deal?<\/p>\n Are you handing over a pile of loose papers, unsure what is what? Are you throwing dozens of numbers out there, hoping a few of them stick? Is your presentation easy to follow?<\/p>\n When they ask you a question about the property, are you able to share the answer in a clear, easy-to-understand manner? Make your presentation so clear that a five-year-old could understand what you have, what you need, and how you are planning to get there.<\/p>\n Lenders are busy.<\/p>\n Don\u2019t try to impress a lender with how deep and complicated your loan presentation is. Be concise when you build your case for why they should lend to you. Yes, you should be thorough and supply all the information they need to make a decision. However, do so in as concise a manner as possible, or include a \u201csummary\u201d for them to quickly look at. They can dig into the details if they want, but they\u2019ll love to see all the main points summarized and easy to follow.<\/p>\n Again, if you hand them a stack of 200 loose papers, guess where those papers are going to end up? Yep, probably over in the \u201cI\u2019ll do it when I have time\u201d pile, which may never get looked at again. So be concise and help them make quick decisions.<\/p>\n Don\u2019t make your lender work for information.<\/p>\n If you want to hear a \u201cyes,\u201d make it easy for them to look at the data and approve your loan!<\/p>\n This means they should not have to chase you down for paperwork because you\u2019ve already given it to them. It means they should not have to try and find the gross monthly income on page 58 of your presentation because you\u2019ve conveniently summed up the pertinent numbers on page one.<\/p>\n Help a lender say yes by making it convenient to do so.<\/p>\n Finally, put some effort into presenting your deal creatively.<\/p>\n I\u2019m not suggesting you hire a plane to write \u201cfund me\u201d in the sky (though, that would<\/i> be pretty creative), but I\u2019m talking about finding ways to make your presentation stand out.<\/p>\nConfidence<\/b><\/h2>\n
Clarity<\/b><\/h2>\n
Concise<\/b><\/h2>\n
Convenience<\/b><\/h2>\n
Creativity<\/h2>\n
![\"Loan](\"https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2014\/11\/Loan-Approve.gif\" "\\"\\"")
Of course, I also included all the numbers of the property and showed the strength of the deal using the