Christian OsgoodCEO, Multifamily Strategy · CEO at Multifamily Strategy

How to get Banks to lend you money

26 Apr 2023 · 0 min

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0:22

Start your loan pitch by admitting your weaknesses: foreclosure, low liquidity, no credit history, deferred maintenance. Then explain why the bank should lend anyway. Transparency and a genuine relationship-focused approach build trust with lenders.

I led with, hey, I have a foreclosure, I haven't done a lot of bank debt, I don't have a lot of liquidity, all the reasons why you shouldn't lend to me. Now here are the reasons why you should lend to me. And so I think just being very open and transparent about any skeletons in the closet. We're a new company, I'm a new investor, these buildings have a lot of deferred maintenance, but we know XYZ, here are all the reasons why you should, but leading with the bad and just a genuine relationship with the people you're working with.

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