SBA, BANKS, AND FINANCIAL INSTITUTIONS

To all my fellow DEALMAKERS and SEARCHERS. Need Funding for Biz acquisitions, RE, SBA, Conventional, etc. After previously working in banking, interviewing and meeting with numerous banks, here is what I know about banks.

1.They all have different criteria. 2.Smaller banks can be more creative. 3.Big banks have lots of red tape. 4.There are some great brokers out there and there are some bad ones. 5.Some charge a flat fee or some make a fee on the transaction size. 6.Some even charge an upfront fee. 7.If you're going to use a broker, make sure they shop you for the best deal. That's the point of a broker. 8.SBA is tedious but it's a great source of funding. Don’t believe me, just ask @Codie_Sanchez 9.Try to choose preferred lenders as most of them have their SBA council in house. 10.It’s important to choose the right bank, but it's more important to choose the right individual within that bank. 11.Just because you see an SBA AD or listen to an AD on your favorite podcast about a particular lender doesn’t mean you're all set. You NEED to find the right loan officer or closer within that bank that can get the deal done and get it done fast. 12.Have your entire package complete when you're ready to submit your documentation. Don’t skimp here, they will come back to you if you're missing anything. 14.Stay on top of them in the nicest way possible, always follow up. Always let them know there is a sense of urgency because there is. As we all know Sellers can walk. Speed is your friend.
15.Again, don’t be mean to your banker but just politely nudge them along the way. 16.Don’t take no for an answer, I can’t tell you how many banks told me no. Just relentlessly prove that you have the absolutely best deal on the table or move on to the next banks, there is plenty of money out there and banks need to lend to make money.
17.They are the lifeblood of the economy and the government backs them to be just that. 18.Be very extensive on your business plan, show them that you know what you're talking about. 19.Be thorough with your pro forma and projections. They should be well thought out. 20.At the end of the day you are in “sales”, so go sell yourself to everyone you speak to within that financial institution. Never get comfortable throughout the process, you have to prove to them you are a good steward of their money. To do this you must always be in sales mode, smile and dial! 21.After weeding out the nonsense brokers and bankers that love to say NO, hence they don’t like to make money….I have found a few that are worthwhile. 22.Time kills all deals, finding the right banks will break or break your transaction. I stole this line from my boy @SMB_Attorney 23.My main goal is to connect you with the right individuals at these respective banks or financial institutions. I do not want you to endure the pain I had to go through or waste any time with your deals.
24.I’ll connect you to these individuals, please DM me or go to https://www.osbornecv.com/fundyourdeal.



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