One of the keys to success at getting a consolidation loan (or any loan) from any lender is to understand lender mentality and how lenders view borrowers and projects. First, lenders view borrowers as one of the following:
A Borrower - (solid income/employment, excellent credit, low debt to income ratio)
B Borrower - (employed, marginal credit rating, moderate debt to income ratio)
C Borrower - (unemployed, poor credit rating, excessive debt to income ratios)
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With that in mind, you have to understand that bankers are on a salary and they are going to get paid whether they work with an A-Borrower or a C borrower. A-borrowers are perfect borrowers who probably don't need the loan anyway and tend to be slam-dunk deals, easy to do. C-borrowers, on the other hand, are much riskier folks and require much more work to justify a loan under any condition. If you were a banker on a salary, which borrower would you rather work with?
Then, lenders view loan projects in one of three ways:
Green light deal - (good collateral, strong supporting income, makes economic sense)
Yellow light deal - (marginal collateral, marginal supporting income, marginal economic sense)
Red light deal - (little or no collateral, insufficient income, does not make economic sense)
Pretend you are a lender, would you want to work hard on a C-borrower with a red light deal? Of course not! Their loan request hits the garbage can!
Knowing how to create a professional bank package and how to communicate with lenders can move you from a C grade red/light borrower to a B grade/yellow light borrower or from a B/yellow to an A/green level borrower. Bankers are lazy! By knowing the insider perspective into the lending business people give themselves an above average chance of getting the financing they need. Things banks and other lenders won't tell you...
Copyright © 2006 James W. Hart, IV All Rights Reserved
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