Reasons Why Loan Applications Fail.
What makes a loan application succeed? Here are a few points that any applicant should consider. It has been said that there are some people that you should never lie to. Amongst them are your Doctor, Lawyer, Priest and I would like to add your Banker or Broker. Numbers do not lie and you will be caught out sooner rather than later.
If you submit your application to the wrong entity it cannot succeed. Some lenders will lend to a Church but not a Restaurant. Some for Motorcycles but not for Boats; you have to give the lender what he wants.
You should develop a relationship with the lender before you need him. That way he is more apt to listen to your needs when you are someone he already knows.
Finally the first one last; you must have a Business Plan. The lender might never look at it, however he will ask for an Executive Summary, which is a condense version of your plan. This is your Financial Road Map. Without it no lender would even consider you a serious applicant.
This is not an exhaustive list, just the problems I encounter most often. How can your Loan be Successful? Just fill out the Contact form and with me on your side the chances of your Application being a Successful one is more assured.