Do You, Borrower, Take This Lender to be…

Is the borrower/lender relationship like dating?  Or more like a marriage.  Either way it is important to treat your lenders like life partners.

There is a right way to secure business financing that will preserve your lending relationships.  I am assuming you had a good relationship to begin with.  You can maximize your borrowing effectiveness and promote business growth by being a good borrowing partner.

This is one of the seven principles for becoming a more durable borrower that we talked about in previous post.  The search for a loan is a critical tactic in your business plan and you want more borrowing effectiveness by nurturing your lending relationships. 

Invest time, effort and money in your lending relationships before you need a loan. Creating a close professional relationship may help you get better loan terms and pricing and may facilitate the credit approval process. Be a loyal customer by aggregating your banking business with a few select lenders. Be flexible. A good loan agreement is one in which neither side gets everything they want and feels they left something on the table.

May you have a richly blessed borrowing relationship until loan maturity do you part…and beyond.

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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