Friday, July 17, 2009

Niche Lenders Can Get You Your Money Now

WHEN MONEY IS HARD TO GET, niche lenders can be your answer to
finding the money you need for business or real estate quickly and easily. Here’s
how to get the money you need for your niche business or real estate:
1. Name your niche. You MUST know your niche if you want to
apply to lenders who serve that niche. Thus, your niche might be
lenders that loan on Gas Stations, Tennis Courts, Used Car Dealers,
Golf Courses, Hotels, Motels, Bowling Alleys, etc
2. Get the names of suitable niche lenders. You can find such
lenders in the IWS “Directory of Niche Lenders,” in reference books
at your local Public Library, or on the Internet
3. Contact your selected niche lenders by phone, postal mail,
fax, or email. Ask for full data on the loans they make. Get the
Amount, Purpose, Interest Rate, Term (length of the loan), Credit
Requirements, etc
4. Carefully go over the info you’re given. Compare the offers from
various lenders to see which gives you the best deal. Look carefully for
deals that do not charge points (1 point = 1% of the loan amount; for
a $100,000 loan, 1 point = $1,000). Some lenders charge as high as 8
points. Avoid them!
5. Get a copy of each lender’s Loan Application. Study each Loan
Application carefully. You’ll see that the Applications are similar. But
some ask for less information than others. Pay close attention to parts
of the selected Application that give you a challenge. If you have any
questions on how to fill out these parts of an Application, call Ty Hicks
at IWS if you have the “Directory of Niche Lenders.” He’ll try to help
you with advice on your questions. REMEMBER AT ALL TIMES:
You MUST be completely accurate in every statement you make on
a Loan Application. The advice you get from Ty Hicks will include
a reminder that every statement on a Loan Application MUST be
completely accurate in every way
6. Be certain your Loan Application is typed. In business and income
real estate niche lending your lender expects a business- like approach
Typewritten (or computer-printed) Loan Applications are standard
Only the signature is hand-written
7. Accept the loan offered you if your business or real estate can repay
the niche loan and ALL other expenses and show a Positive Cash Flow
each month. Niche lenders get you money!

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