Daily Observations - 85% or Better

Very short and to the point this evening.

Only work on deals that you believe have an 85% chance or better to get funded. Don't be hesitant to share this with your prospective clients, they will respect you for this. We have never had to tell no to so many people and they understand it's not your fault.

But on the converse if you tell someone you have an 85% chance of getting the loan approved, then make sure that you do everything within your power and control to get that loan closed. Keep your client informed as to every step that is occurring. If you are getting denials from the lender find out why, then go back to your client and see if the reason is surmountable. If it is, go back to work, if it's not release the client "politely".

You are not doing your client any service by keeping them hanging on as you try to continue to fight the uphill battle. We have to face reality and that is right now lenders as I mentioned in my last blog have the ability to cherry pick the best and strongest loans.

Remember pre-qualify tougher than you ever did before and if they pass the PQ test don't leave any stone unturned as you look for financing for them. Apply what I coined as the self test, Would you lend them your hard earned money?, if yes go to work, if not tell them why not and allow them if able to "fix" the issues that you see.

Visit loanforbiz for more on pre-qualifying clients.