mortagesandforeclosures

by Hunter Fisher

It's no surprise to find people who need money badly but can't find the right place to get the money from. Banks are considered to be some of the most difficult places to borrow money from. Being driven and persistent is the key to getting a good loan. Here are some hints that might help you along the way.

Establish Good Relations

Build a relationship with your banker. Schedule regular meetings with him so that he gets to know your company. Ask him to visit your headquarters and look at this as an opportunity to educate him about your business. Talk to him about what your business provides and why this is relevant in the market today. This will make the banker feel that he is not merely a means to an end for you, rather, a partner whose views you value.

Creating good relations with your banker is crucial. So that when the time comes that they are deliberating about your application, your banker can defend you. This will make the screening process much easier.

It's also a good idea to offer other business besides the loan itself. Try other transactions such as opening a checking account -- banks will know they'll be making additional income if they make you a customer.

Expect The Worst

Thinking about failure early on might not be a good idea. It might strain your relationship with the banker. But as far as you and your banker are concerned, if the process doesn't go according to plan, it could spell doom to you both. That's why it's healthy to remember the worst case scenario to be prepared for any potential hits you may take.

It is advisable to discuss failure with your bank. Keep in mind that you have to do this wisely. Identify the parts of your business which could possibly fail. Indicate the actions that you are ready to undergo to fix or avert such occurrences. This will give a good impression. This will reflect that you are indeed serious about succeeding.

When creating a plan, do not think that everything will go as planned. Prepare for unexpected hitches. Create an alternative plan to tackle such issues. In this way you can be prepared when you are faced with such challenges.

Other Tips

Interest rates charged by banks can be steep and if you want to get friendly rates and terms, haggle. Negotiating isn't bad, as long as you make it clear what's in it for the bank. If you have a relationship with your banker, it shouldn't be too difficult to get him to adjust rates.

Once you have secured your loan, don't stop there. Keep working at your relationships and keep refining your strategies. Loans, especially substantial ones, are re-evaluated every year. There are certain changes that the bank may impose on your loan agreements. If you are to renew your loans, you must constantly remind them of why you're an asset.

About the Author:

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