I heard this statement today from two bankers that we regularly deal with.
The very short but powerful lesson today is that there are no exceptions, if a lender can find any fault with a loan they will decline it immediately. In this economic environment the lenders that are still committing their funds to new projects have their pick of the litter so to say. Lenders are Cherry Picking not bottom feeding.
So what does this mean to you? It means that you must have all your ducks in a row before you submit a loan. You need to make sure that you loan meets all the 5C's +E test. Collateral, Credit, Contribution, Capacity, Character and Experience.
If any of the five are not there the likelihood of the loan being approved is minimal. If two are missing the likelihood is Nil. Can you qualify?
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