“I always like to, I think loan term is probably the most important for a business loan. Because often the loan term, if there's like a part of it that's unsecured, or there's not so much security, the bank may want say a five-year loan term”
The Deal Room · [EP 316] Getting a Loan to Buy a Business: What Banks Actually Check Before They Say Yes
Play from 12:59
12:59
Audio streams from the publisher’s own feed. Verbatim does not host or copy it.
What was described
focus negotiation on loan term rather than interest rate for business loans
Said nearby on the same subject
“I just got an unconditional approval for a loan and signed loan docs on Saturday. It's a $6.5 million loan and it was split into two portions, one at 6.14% interest only investment and one at 6.34%. So we guarantee our rates at 6.1%.”
“Go revalue your property, lock in that equity, get it on an interest only loan ... you can reset the interest only term after five years ... that locks in 10 years, a full decade, of access.”
“In the mortgage industry, we all know what a trigger lead is... I want to give it to the loan officer. The loan officer has the highest retention rate in the business.”