Tricks to Get Approved for a Loan
So, you keep getting turned down for a loan.
As mentioned in a previous post, there’s likely a valid reason. The most logical explanation is a lender doesn’t have the kind of loan you’re looking for. They might only offer loans that include:
- Lower LTV’s
- Shorter terms
- Smaller loan sizes
- Borrower entity requirements
- Loans for higher credit scores
- Loans for those with more experience
Even so, it gets old. So, what are some tricks can you try to avoid hearing, “No,” instead of “Yes”? Here are just a couple:
- Look for smaller banks in your area. They will charge a little more but don’t mind the churning because they have smaller buckets of money.
With that said, we recommend you always work with one or two small banks because they’ll tighten the money outflow as they fill their buckets up.
- Look for lenders who like real estate investors. How? Just ask them upfront if they work with fix and flippers before you go through the four-week process of being turned down.
Are you ready to set yourself up for success, rather than failure? Give us a call at 303.539.3000 to get the ball rolling!
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