First, Understand Your Business - You need to know the strengths and weaknesses of your business. How's the cash flow? Debt Service Coverage? Leverage? Liquidity? LTV? What's your personal net worth? What's your personal DTI? What factors mitigate your deficiencies?
Second, Demonstrate Your Understanding and Make Life Easy For Your Lender - In most cases, your approval decision is being made by someone who is NOT preparing the approval memorandum (for the non-bankers out there, the approval memo outlines your request and summarizes your business). Instead, it's being prepared by an underwriter, whose goal in life is to not be hassled with questions raised by his superiors. When you give him a complete package that includes all required documents, complete with narrative that address any potential questions (concentrations, negative trends, guarantor background etc), you will be taking a HUGE step in the right direction. The better info you give to the underwriter, the more thorough he can be in his write-up, and the better chance you will have of being approved. Lenders LOVE cooperative borrowers, so be proactive and put your best foot forward!
If you need help with any of the above, feel free to contact us at firstname.lastname@example.org.
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