Sorry Buts and Bid Winners

When all the loan bids are in there are two tasks remaining in the bid process.  The first is distasteful and the second is fun.

Your goal is to pick a winner quickly.  Bids can go stale due to changes in credit market conditions or within a particular lender. How you award the loan business is a critical and sensitive issue.  Move quickly to pick a winner after tallying the final bids.

The first step is to tackle the unpleasant but necessary task to preserve your lending relationships.  Make the sorry-but calls first to let the runners-up lenders know they did not win the loan business.  Soften the blow by giving a non-binding commitment to include them on your next loan request.

Finally, make the most fun call to the winning lender.  The result of a complicated process over weeks or months is finally over. The winning lender will be very happy to get the nod for the new loan business.  Now the next phase begins. Closing and funding the new loan.

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About Michael Shelton

Your Business Coach Facilitating Delegation and Work Group Engagement Michael Shelton has over twenty-five years of business and military accomplishments, including extensive experience with one of the largest, publicly traded real estate investment trusts (REIT). He is a qualified business coach with assignments in cross-functional work group management, strategic planning, unit leadership, joint venture acquisitions, executive education, mentoring, training and merger integration. Michael has accumulated best practices for building committed work groups from more than $4 billion of capital markets transactions and commercial property development. He served as a commissioned officer and helicopter pilot in the U.S. Army, and earned his MBA from The University of Arizona. Michael has served as a major conference panelist and is the author of Cash Flow Rich, Winning Ways to Evaluate and Finance Real Estate. Today, he helps business owners get more work group engagement as President and CEO of Shelton Business Services, LLC in Scottsdale, Arizona. Disclaimer: I don't offer investment, legal or tax advice. Talk to your broker, accountant or lawyer for investment, tax and legal help. I might own stock in the companies I mention on-line. My posts, tweets and other on-line activity are my personal thoughts and don't represent my employer or company.
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