You must design a compelling request for proposal (RFP) to maximize your borrowing effectiveness. Invest time and money to produce a professional loan request that will represent you in front of the credit committee.
Your RFP should contain a cover letter with these borrowing objectives:
- Highlight whether you want fixed or floating rate debt
- Specify the desired loan term
- Ask for the right loan amount
- Highlight any ancillary terms that are important to your company such as recourse.
The RFP body should contain the following sections:
- An executive summary of the project
- key components of the business plan
- Market and demographic data if applicable
- and summary financial data for the borrower, sponsor and the collateral.
A pro forma return on investment (ROI) calculation is essential information for new business property. Pictures tell part of the story so be sure to include photos of the loan collateral.
Your chances of securing a great business loan are much higher if you lead your search with a professionally designed request for loan proposal.