What do I take to the bank?

[Nicole Heasley Beitenman]

Hi BP! I have 2 deals under my belt and have a plan to obtain a 3rd. I've been sending a lot of documentation to my bank as I go through the process of obtaining a HELOC on one of my properties. I'd like to be better prepared the next time I approach a bank or lender about financing.

I've heard several guests on the podcast discuss having a packet of some kind portfolio or package that they present to lenders when trying to acquire financing. But they have never gone into detail regarding what kinds of documents go into those packets (so far--I'm only on episode 166, so maybe they've discussed this on a later episode). Does anyone have advice regarding how to compile a professional, efficient financial packet to present to banks and lenders? TIA!

[Caleb Heimsoth]

@Nicole Heasley Are you trying to get commercial (aka portfolio) loans or conventional? If it’s conventional I don’t thinking having a packet of any kind really matters If it’s commercial it may matter some but probably not a whole lot. You’ll want bank statements, tax returns, numbers from your last few properties etc