Doug Fath and Jeff Greco discuss fundability in their latest video. Click the video below to watch now.
| Doug Fath: | Doug Fath, Jeff Greco, with Legacy Capital, and we’re going to be talking about fund ability. At this point, certainly we’ve exchanged a few emails, perhaps you’ve already sent in your underwriting docs, perhaps not, and having access to those underwriting docs at your fingertips actually is really an important component to really be able to grow and scale your business. Certainly right now, we’re talking about doing specific [inaudible 00:00:37] with you and so we need those documents in order to get you approved, get you the pre approvals, move forward with that. Its not just about that. What I mean by that is, often times clients think Legacy only wants us to use their money, but it’s not just about … Actually when we do our job, you’re able to, not only borrow money from us, but you’re borrowing money from banks, you know friends and family. There’s a lot of other opportunities that end up opening up in terms of your fund ability and that starts with having those financial docs easily accessible. So with the click of a button you can get them to lenders like us or anyone else that’s looking for those documents.
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| Jeff Greco: | So look, we know that you could be at any place in the process. You may have sent us a complete package. Thank you. You may have sent us partial package. We’re on our way. Or you haven’t sent any documents. Really the question is, are you still committed to getting us documents for us to be able to do our job, ’cause really, sending in the documents is really where the rubber meets the road. It was great having conversation with you. If you’re seeing this video, you’re qualified from everything that you’ve told us. Now it’s a question of verifying the documentation and really determining how much we can approve you for and what’s prudent with the business that you have and the business that you wanna build in terms of funding and how we get you there and if the challenges you have are something that we can solve. Doug mentioned borrowing from banks, other people, friends and family. The other things is that we also want our clients to be in a position where they may choose to use their own money. Meaning, they may choose to use their own money on specific deals or you may want to buy deals for all cash, because you have that in your account and then come to us for the rehab money.
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| It really doesn’t make a difference to us. We wanna help you grow a strong business and we believe more than likely it’s gonna lead to doing business in some capacity over time and with you sending us those documents, is when we can not only approve you for a specific deal and move towards a closing date if you have something under contract, or if you’re simply in the process of wanting to know, would we be in a position to fund you. We can create pre approval letters. So you can make offers and get those deals under contract. Really it’s a question of you getting those documents to us. As Doug mentioned in a previous video, sometimes we’ve even gone out of our way to go collect those documents at your office if it’s easier, but at some point you need to help us help you by getting us those documents. We look forward to reviewing them.
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| Doug Fath: | Yeah, because really at the end of the day, the best deals when … You’re skilled at finding great deals. When you find those great deals, you need to be able to move quick and it’s one of the things that, or where we’re able to provide value is, we say it all the time, we move just as fast as our clients move or allow us to move. So in order for us to be able to move fast, when you have those deals locked up and you need to close as soon as possible those underwriting documents are things that we need to have to put us in the position to move as fast as you’re moving and help you continue to grow and build your business.
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| Jeff Greco: | Right. The good news is, once you get us those initial documents for the complete package there’ll be some updated documents that we collect over time, but really this is “the toughest part.”
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| Doug Fath: | It is the heavy lifting.
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| Jeff Greco: | Right. To get inside of our system for us to be able to provide you with the confidence that you actually have the capital to close on those deals and reach your business goals.
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