I received an e-mail today from one of my lenders and he ended the e-mail with:
Make this deal happen before it may go away.
What was this lender trying to share with me? Was he saying that if we don't get this LOI executed now, today, that this lender may not be doing these loans tomorrow? Or was he saying that the deal that is strong today will not be considered strong tomorrow, or was he just pushing me to get a deal closed because he has not closed any deals and his job may be on the line?
None of these reasons really matter. The point is we have to now push our clients when lenders are offering to fund transactions. I have never been a "pushy" salesperson, but today I have become one, not for my benefit but for the benefit of my clients. If your clients really want a loan they have to move quickly. No longer can they spend time shopping around from lender to lender, if an LOI is proffered let them sign it and start the process of documentation gathering immediately.
Because tomorrow is another day, and who know what banks are going to fail, or what lender is going to stop lending. Even today I received an e-mail from a new company that is specializing in displaced SBA lenders. They are trying to re-brand them and get them back into the job market. Share this with your clients today, and get them to take action. Anything that you can motivate them with is fair game.
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