What are the best ways to prepare for a meeting with a bank representative?

You’re offering them the opportunity to be the mortgage holder, they’re not giving you a loan. “This is a great real estate investment that I’m acquiring, would you like to hold the mortgage? “

Bank meetings are vital for financial success, whether securing a loan or discussing investments. Here are key strategies for optimal readiness: Define Objectives. Empower yourself by researching the bank's products, services, and market conditions. Anticipate Questions: Be proactive by preparing to discuss financial goals & risk mitigation. Utilize your financial story to establish trust and credibility. Empower negotiation by familiarizing yourself with the bank's terms. Develop a plan to address unexpected questions. Dress Professionally. Communicate Effectively. Establish a proactive follow-up expressing gratitude. Strategic preparation enhances success in bank meetings. Showcasing transparency and professionalism.

If it's a loan you're after obtain a list of required documents from the representative & then gather all your documents in a folder (electronic) before the meeting & email the representative. This will include items such as 2 most recent pay slips of all borrowers, last 3 months bank statements, copy of drivers license, rates notices of any current properties, rental statements of any current properties, loan statements, tax returns, etc etc. Be prepared, answer questions clearly & briefly, don't elaborate.

When meeting with a bank representative, whether its for a mortgage loan, or perhaps some other type of credit consideration. Be sure to have a list of questions. For example, regarding a mortgage loan, I encourage my clients to ask the following: a) what are your current interest rates for a mortgage loan, b) based on my income and debt ratio what would it appear I would qualify for in a mortgage, c) what fees are charged to me to do business with you, and how soon will I receive a full disclosure of all costs incurred to do business with you? d) is the rate fixed or a buy-down? e) if rates go down, can i re-lock the loan to the lower rate, if so, what's the cost, if not, why not? Consider speaking to more than 1 banker as well.

Imagine you are being asked to invest your personal money into the project & develope a presentation the that addresses all of the concerns you would have risking your own capital. Then start the meeting by asking what they look for in projects they want to be a part of, before you present anything. Focus on how your project fits with their stated requirements & goals.

Developing a polished pitch is akin to crafting a roadmap for your business journey. It's not just about presenting information; it's about weaving a narrative that seamlessly guides the bank through the landscape of your ideas, showcasing not only the destination but the unique features of your route. Practice is not just rehearsal; it's honing the art of articulation, ensuring that every word resonates with conviction, turning potential concerns into opportunities for transparent communication. In essence, your pitch should be a well-rehearsed symphony that harmonizes passion, strategy, and pragmatism, leaving the bank representative with a symphony of confidence in your entrepreneurial orchestration.

El pitch sirve para hablar con personas que no tienen interés y en las que estás tratando de entregar una pequeña semilla para captar su atención. Más importante que el pitch es que tengas muy claro lo que realmente necesitas y que vayas al grano en las pocas intervenciones que tengas. Comunicándote con claridad, brevedad en un lenguaje común, harás que todos entiendan lo que tienen qué hacer para cerrar el negocio.

I have always tried to maintain strong relationships with National and Local lenders. If you keep in touch with lenders that specialize in various aspects of lending you will have someone to reach out to when you or a client has a specific need or question. It is better to have relationships prior to needing advice or a loan.

Creo que en este caso es esencial que comprendas en qué reside el juego fundamental. Por un lado, parece que estás pidiendo dinero prestado, pero si haces un ejercicio de empatía, lo que ocurre es que tú eres el receptor de recursos que el banquero tiene qué ayudar para llevar su cartera bien. Esto te pone más en la posición de un cliente del banquero. Entonces, claro que ambos quieren que funcione el negocio. El ejecutivo quiere su comisión por colocar su cartera en los mejores lugares posibles, mientras tú necesitas los recursos para que funcione tu negocio sin cederle la opinión a alguien ni darle un asiento de consejero. Con la actitud correcta y la visión correcta de lo que está ocurriendo, creo que habrá menos titubeos.