The Perfect Bank Package

Doug Fath and Jeff Greco discuss the perfect bank package in their latest video. Click the video below to watch now.

Perfect Bank Package


Jeff Greco: Jeff Greco, with Legacy Capital.


Doug Fath: Doug Fath, also with Legacy Capital.


Jeff Greco: And we just wanted to record a short video, to talk to you about the perfect bank package. Right, so many of our clients, who are doing rehab, either will sell them retail, to homeowners, or they wanna refinance with a bank, to build up a rental portfolio.


  And so certainly, using our money, to do the rehab, either acquisition and/or the rehab funds, our clients who are wanting to build long term rental portfolios, our money is not a fit for that. And so, what we are, want to talk about on this video is what information to send a bank, what format, and kinda go through some of those details, so when you are talking to a bank, you can be well positioned, and paint yourself in the best light possible, for the highest chance of them lending you money.


Doug Fath: Yeah, and just to clarify, we fund guys and gals that are buying and holding all the time. Just what Jeff was saying is not a fit, is the permanent, long term financing. So as Jeff mentioned, they’ll use our money for acquisition, or renovation, finish it up, put a tenant in there, and then they’re gonna go to the bank to refinance into a permanent financing solution.


  And so, in order to do that, you need to have your bank package together. And it’s something that you wanna have readily available. So, in terms of what that package is gonna include, you should have a bio on yourself, as well as the amount of deals that you’ve done. Certainly the financials, they’re gonna wanna see, you know, last two year’s tax returns, bank statements. They’re gonna wanna see proof of liquidity, a personal financial statement. And then of course, a pro form, or information about the deal.


  And all of those documents, those are things that you should have prepared, and really ready ahead of time, because ideally, what you wanna do, is have those documents, whether it’s in a Google drive, or Dropbox, or something. So that when a lender asks for that, or you need to put that portfolio together, it’s literally a click of a button, and you send an email out. And then you’ve got that entire bank package ready for that lender.


  Maybe you need to make a tweak to the specific deal, or whatever the case may be, or maybe you need to update your schedule of real estate owned, but you wanna have those accessed in one place. So anytime you need to send that bank package together, you’ve got literally 95% of it there, and can get that out as soon as possible.


Jeff Greco: Yeah, and we’re certainly more than willing to send you some examples or templates, to help you. We may even, or should have most of the information, that you’ll need already. So if you send us an email, let us know you’d like to see what the perfect bank package looks like, we’ll send you an example. And as well, we’re more than willing to make introductions to some local banks that may be right for you.


  At the end of the day, it’s gonna be our choice on who you go with, and what works for you. But we’re happy to facilitate that, and if we can add value, by introducing you to some new people, or the right people, we’re happy to do that. So, just let us know if you’d like introductions, and/or an example bank package, we’ll be happy to get that to you.



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