How do I build lasting Lender Relationships?

[Cole Baker]

Hello BP Nation!

Thank you for your responses the last few days!

My next question, how do I build lasting Lender Relationships? What are they looking for? Are there nuances to the relationship that I should be aware of?

Thank you!

[Jon Kelly]

@Cole Baker speaking as an investor and a lender it's just like any relationship: add value. Make it worth the lender's time to work for you and advocate on your behalf. I like to ask myself, how does my account rep get paid? By closing loans. They don't get paid to chat, send quotes, or educate investors. They get paid to close loans. With that in mind, I suggest the following: 

1. Be open and honest - tell the lender your goals. What type of properties, location, price, etc. do you plan to invest in. How many properties in year 1? How many properties by year 3 or 5? This will help the lender guide you into the correct products. It will also determine how much time they devote to you

2. Communicate - if a lender sends you a quote provide feedback. Even if your deal fell through tell the lender so they know they didn't waste their time. Tell your lender if you think it's a strong or weak offer 

3. Pay your bills - the quickest way to make a lender unhappy is to miss your payments :)